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  • #4,941
  • Sep 25, 2014 1:02am Sep 25, 2014 1:02am
maybe help fund the IWM debit spread with a Nov bear call vertical...
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"If The Fool persists in his Folly he will become wise." - William Blake
  • #4,942
  • Sep 25, 2014 1:46am Sep 25, 2014 1:46am
I guess it might not be too much to ask for a little correction for the SnP, too. The August slump low was 1,905 on Aug 7, corresponding to SPY $191 and SSO $110. Just a 10% correction would take SnP down to 1,800 (SPY $180)... A 10% drop for SnP would get a 20% drop for SSO, or $120 down to $96 or so...
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"If The Fool persists in his Folly he will become wise." - William Blake
  • #4,943
  • Sep 25, 2014 7:27am Sep 25, 2014 7:27am
Hey TF... some good thinking in your posts... I like trading IWM. Russell 2000 had a correction while SnP didn't, I wonder if Karen the Supertrader trades RUT or not, because it seem to me that there were more opps on RUT and NQ, than on SnP. Yeah, I get that when you manage 300m+ USD account, you have to trade only the most liquid stuff, but hey - WE don't have .

I think on IWM the most important level atm is 107.50... It held on Feb and May this year. Breach of 110 is leading to 107.50, and if it drops trough that, hello 100... Never mind the diagonal lines on pic, just the horizontal levels.

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I am also looking to short indices, and like you I am waiting. I almost press the trigger yesterday, but I didn't. Why? Because it is normal that after 3 down days, BTFD mentality prevails, after all this IS a bull market. I should just go long YHOO in some way (bull put spreads of course). I also think that we may get a better price. IWM could go to 113 and then continue to drop.
Hope is dangerous in this game.
  • #4,944
  • Sep 25, 2014 7:36am Sep 25, 2014 7:36am
Will the "bending" iPhone bend AAPL stock price as well? Is there some opp to maybe do bear call spreads on it?

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Well my iPhone didn't bend... (probably because I don't have one ). I will save electricity then...
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  • #4,945
  • Sep 25, 2014 8:21am Sep 25, 2014 8:21am
I see that there are plenty of XOP trades on dough by tastytrade people... short strangles mostly. But what about a regular IC with $2 wide spreads?

High IV rank. Price on the pic is illustrative only, since I am watching this in pre-market.

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  • #4,946
  • Sep 25, 2014 8:51am Sep 25, 2014 8:51am
Quoting StrayDog
Will the "bending" iPhone bend AAPL stock price as well? Is there some opp to maybe do bear call spreads on it? ...
I reacted fast like a dead horse... Saw a premarket drop, tried to go long the 100 put for this week expiry, missed by a hair to get in, and then just looking how the U/L is tanking and that put going from $0.35 to more than $0.80 in 15 minutes... So, AAPL is dragging the whole market down now.
Hope is dangerous in this game.
  • #4,947
  • Sep 25, 2014 9:04am Sep 25, 2014 9:04am
Quoting The Fool
http://finance.yahoo.com/video/forge...204247978.html The Russell heading for a break of support at 1,082 and then a freefall to 862? Would correspond to IWM breaking below 108 and dropping to 86...ouch...a >20% correction from where we are now. Some ways to trade this scenario...debit diagonal put spread - will need to fine tune this idea... {image}
Just been trying to leg in to this trade, bought Dec $103 puts for $1.83, looking for Oct $105 short....
"If The Fool persists in his Folly he will become wise." - William Blake
  • #4,948
  • Sep 25, 2014 9:15am Sep 25, 2014 9:15am
Quoting The Fool
{quote} Just been trying to leg in to this trade, bought Dec $103 puts for $1.83, looking for Oct $105 short....
sold 10/18 $105 puts for $0.64, sitting at $1.20 debit on the diagonal - we'll see if that $107-8 support will hold
"If The Fool persists in his Folly he will become wise." - William Blake
  • #4,949
  • Sep 25, 2014 9:18am Sep 25, 2014 9:18am
Quoting njr
{quote} I'd like to see it fall on either the Durable Goods or Unemployment Claims :-)I've been selling my usual ES mini contacts on the recent pull back and I just closed all positions with this nice uptick today; so I'm ready to reload on negative data tomorrow....let's see where it moves
yup, maybe drop thru the week, GDP revision tomorrow may get a bounce, maybe that's baked in, we'll see
"If The Fool persists in his Folly he will become wise." - William Blake
  • #4,950
  • Sep 25, 2014 9:27am Sep 25, 2014 9:27am
Quoting The Fool
{quote} sold 10/18 $105 puts for $0.64, sitting at $1.20 debit on the diagonal - we'll see if that $107-8 support will hold
lol, shoulda waited, 10 minutes later $105's get near $0.80....gotta hit the trail soon, though....
"If The Fool persists in his Folly he will become wise." - William Blake
  • #4,951
  • Sep 25, 2014 9:52am Sep 25, 2014 9:52am
Sold a APPL 100/102 Oct17 bull call spread for a $0.71 credit...

What a miss on weeklies... and not a first time, that I miss something trying to get a perfect price
Note to myself: when you see a opp, take it! A few bucks up or down does not mean much, when option price goes from $0.35 to $2.00 in one hour.
Hope is dangerous in this game.
  • #4,952
  • Sep 25, 2014 9:55am Sep 25, 2014 9:55am
Looking to sell a TSLA 250/255 call spread also, for Oct3 expiry... To slow again, for $2.00 or more credit.
Hope is dangerous in this game.
  • #4,953
  • Sep 25, 2014 10:01am Sep 25, 2014 10:01am
Quoting StrayDog
Sold a APPL 100/102 Oct17 bull call spread for a $0.71 credit... What a miss on weeklies... and not a first time, that I miss something trying to get a perfect price Note to myself: when you see a opp, take it! A few bucks up or down does not mean much, when option price goes from $0.35 to $2.00 in one hour.
hey when the shit is moving fast I usually just step away from the chalupa. I was looking to do some other index spreads - I'm trading from 4 accounts - but small walnut sized brain can only process so much - now gotta hit the commute.

Anyway down here somewhere @ Dow -225 +/- we are gonna stabilize and bounce around I bet

have a good day SDog
"If The Fool persists in his Folly he will become wise." - William Blake
  • #4,954
  • Edited 10:28am Sep 25, 2014 10:18am | Edited 10:28am
Quoting The Fool
{quote} hey when the shit is moving fast I usually just step away from the chalupa.
Yep, me also, lost my nerves to chase fast shit during these 10 yrs, but anyway, who does not like fast money when you see what's coming?

Quoting The Fool
I was looking to do some other index spreads - I'm trading from 4 accounts - but small walnut sized brain can only process so much - now gotta hit the commute.
Well I don't have such experience... It has to be challenging, trading with 4 accounts. In the beginning, I used to have like 18-20 different positions, but in time I realized that under 10, usually 7-8 different stocks is optimal for me.

Anyways, interested in selling LNKD 215/217.50 Oct17 call spread also.

Filled @ $0.72 credit
Hope is dangerous in this game.
  • #4,955
  • Edited 11:09am Sep 25, 2014 10:45am | Edited 11:09am
Quoting StrayDog
Looking to sell a TSLA 250/255 call spread also, for Oct3 expiry... To slow again, for $2.00 or more credit.
Got filled @ $2.00 credit.

OK, I am interested also in doing a IC for MU ER's, which will be today in AH. Thinking about doing it rather for Oct3 expiry than with the Sep26...
If MU stays around $31.50, I will do a 27.5/29.5 + 33.5/35.5 IC. In any case, short strikes will be $2 away from the current price.

Addon:
Got into that MU IC for $0.67 credit.
IV of this week options is 2x higher, but then I would have only 1 day to manage position (and less credit received).
Hope is dangerous in this game.
  • #4,956
  • Sep 25, 2014 12:13pm Sep 25, 2014 12:13pm
Quoting The Fool
{quote} Yep. Hey, good to see you around njr. Don't you live to ski? Won't be long now, I guess. First Fall rains hitting here this week, just a few more weeks & we'll start seeing new snow up on Mt. Rainier. Well, I'm out, had enuf of this freak show for a day. Tschüß
Yup, live to ski....but I'm also loving this volatility at the moment! The 'experts' are supposedly saying tech support for the SPX at 1970.....let's see if they are right. I've sold my usual puts around 0.07 delta with 45DTE! As you mention TF, final GDP could see a bounce back if there is a reasonable difference between the first two releases......dead cat bounce or otherwise.....
  • #4,957
  • Edited 12:35pm Sep 25, 2014 12:16pm | Edited 12:35pm
Quoting StrayDog
{quote} Yep, me also, lost my nerves to chase fast shit during these 10 yrs, but anyway, who does not like fast money when you see what's coming?
Sure, nothing better than getting paid in a hurry. However, I have generally just never gotten into scalper mode with options. I almost never make a trade and close it on the same day or even the next, usually letting things develop over 2+ days is as fast as I can go. I guess that may change if things are gonna start popping all the time (drool)....
"If The Fool persists in his Folly he will become wise." - William Blake
  • #4,958
  • Sep 25, 2014 12:51pm Sep 25, 2014 12:51pm
Quoting njr
The 'experts' are supposedly saying tech support for the SPX at 1970.....let's see if they are right. I've sold my usual puts around 0.07 delta with 45DTE! As you mention TF, final GDP could see a bounce back if there is a reasonable difference between the first two releases......dead cat bounce or otherwise.....
Yeah I like that number and the prospect of a bounce on a big GDP revision makes sense. I have SSO and SPY 10/18 bear call spreads that I am looking to milk - may take good profits on short legs today and get a chance to rinse/repeat.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #4,959
  • Sep 25, 2014 12:54pm Sep 25, 2014 12:54pm
Quoting StrayDog
{quote} Got filled @ $2.00 credit.
Sweet - good luck.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #4,960
  • Sep 25, 2014 12:54pm Sep 25, 2014 12:54pm
Quoting njr
{quote} Yup, live to ski....but I'm also loving this volatility at the moment! .....
Hey njr, yes, looking good. VIX jumped more than 20%.

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Few days ago, I couldn't find more than 7-8 stocks with IV rank above 40... Look at it now... Plus, there are a lot more of them if you include the ones with earnings, because majority of them will have them in 40 days or so, so you can trade something with 30 DTE.
Hope is dangerous in this game.
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