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Let's Trade Options

  • #8,361
  • Apr 23, 2015 1:33pm Apr 23, 2015 1:33pm
Quoting The Fool
MY last hope for May SPY $212 short calls is "sell in May, go away". I will hold into next week anyway....
Hope never dies. I hope our spreads just die worthless.

Looking at various /ES futures options spreads, and I just remembered another reason why should I use them ---> no PDT rules there.

If I enter a SPY spread trade on Friday for example, looking for a gamma scalp with expiring weeklies, closing that trade will be counted like 2 trades, since you always have 2 different options in the spread... and than you used 2 out of 3 day trades.

When /ES trades at 2112, bear put spread 2095/2090 with weeklies is just around $20... (another way of just trowing your money trough the window, OR a cheap lotto ticket for max $250 - initial debit and comms...)
Hope is dangerous in this game.
  • #8,362
  • Apr 23, 2015 2:13pm Apr 23, 2015 2:13pm
Trader made money shorting NQ? Yeah, right...

NQ daily chart... Seems like daily close above ATH.
Attached Image (click to enlarge)
Click to Enlarge Name: NQ-100-D-04-23.PNG Size: 239 KB


If the mofo holds there for another day or two... every other index will just play a "following the leader" game.
And possibly a short covering rally once again. Mofo.
Hope is dangerous in this game.
  • #8,363
  • Apr 23, 2015 2:26pm Apr 23, 2015 2:26pm
Quoting StrayDog
If the mofo holds there for another day or two... every other index will just play a "following the leader" game. And possibly a short covering rally once again. Mofo.
rotation out of China into US equities, could keep on for weeks, SnP 2,200 here we come....
"If The Fool persists in his Folly he will become wise." - William Blake
  • #8,364
  • Apr 23, 2015 2:46pm Apr 23, 2015 2:46pm
Quoting The Fool
{quote} rotation out of China into US equities, could keep on for weeks, SnP 2,200 here we come....
Oh... just BTFD once again, how f... exiting... where is my Buy the dip song... just to remind myself...

Pulling back in final minutes... I gave up from selling strangles in this ER's cycle (for now), low premiums...
Hope is dangerous in this game.
  • #8,365
  • Apr 23, 2015 5:53pm Apr 23, 2015 5:53pm
Quoting StrayDog
{quote} Hope never dies. I hope our spreads just die worthless. Looking at various /ES futures options spreads, and I just remembered another reason why should I use them ---> no PDT rules there. If I enter a SPY spread trade on Friday for example, looking for a gamma scalp with expiring weeklies, closing that trade will be counted like 2 trades, since you always have 2 different options in the spread... and than you used 2 out of 3 day trades. When /ES trades at 2112, bear put spread 2095/2090 with weeklies is just around $20... (another way of...
That's a really good point regarding the PDT rules ... . Something I hadn't thought of and don't have enough cash right now to avoid. Unlikely, though, that I'll be in and out of most of the set-up's I can manage with a day job within the same day ... . Unfortunately, my thinking is that I probably won't be able to effectively manage, for example, trades that by their nature require constant monitoring; I'll have to settle for set-up's that I can look at once or maybe twice a day (once in the a.m. before New York open; once in the p.m. after New York close). Not ideal, but you play with the toys you've got in the sandbox ... .

* * *

I don't understand what the hell happened with PBR ... . It went up after they disclosed massive fraud/waste??!
Fireworks are fun ... as long as you don't blow your fingers off.
  • #8,366
  • Apr 23, 2015 6:07pm Apr 23, 2015 6:07pm
Quoting ZebraSquirl
* * * I don't understand what the hell happened with PBR ... . It went up after they disclosed massive fraud/waste??!
Yeah I lost a few bucks on long puts there. Everybody knew that there were going to be big write-downs and that part of those would be from graft, we just didn't know how much those would be. I actually shorted in hopes they would blow the actual release, as they did several times before, that maybe the auditor would not sign off again.... Anyway, just the fact that they are finally looking compliant is a positive. A lot of the scandal news is water under the bridge now. If oil keeps rallying I'd bet PBR will be >$12 this Summer....
"If The Fool persists in his Folly he will become wise." - William Blake
  • #8,367
  • Apr 23, 2015 6:43pm Apr 23, 2015 6:43pm
Quoting The Fool
{quote} Yeah I lost a few bucks on long puts there. Everybody knew that there were going to be big write-downs and that part of those would be from graft, we just didn't know how much those would be. I actually shorted in hopes they would blow the actual release, as they did several times before, that maybe the auditor would not sign off again.... Anyway, just the fact that they are finally looking compliant is a positive. A lot of the scandal news is water under the bridge now. If oil keeps rallying I'd bet PBR will be >$12 this Summer....
That's what I kinda figured; crap was priced in already and possibly the news wasn't quite as bad as the market expected up to that point ... .
Fireworks are fun ... as long as you don't blow your fingers off.
  • #8,368
  • Apr 23, 2015 9:38pm Apr 23, 2015 9:38pm
gonna go back to trading diagonals
Attached Image (click to enlarge)
Click to Enlarge Name: 2015-04-23_qqq.png Size: 56 KB
"If The Fool persists in his Folly he will become wise." - William Blake
  • #8,369
  • Apr 23, 2015 9:44pm Apr 23, 2015 9:44pm
I can't look away....
Attached Image (click to enlarge)
Click to Enlarge Name: 2015-04-23_uvxy.png Size: 56 KB
"If The Fool persists in his Folly he will become wise." - William Blake
  • #8,370
  • Apr 23, 2015 9:59pm Apr 23, 2015 9:59pm
TLT May/May4 DD, $122/$121 puts, $134/$135 calls, goes on @ $0.00 - just comms
Attached Image (click to enlarge)
Click to Enlarge Name: 2015-04-23_tlt.png Size: 39 KB
"If The Fool persists in his Folly he will become wise." - William Blake
  • #8,371
  • Apr 24, 2015 7:45am Apr 24, 2015 7:45am
Quoting StrayDog
If the mofo holds there for another day or two... every other index will just play a "following the leader" game. And possibly a short covering rally once again. Mofo.
Appears so, /NQ up well early, expect sideways to upside for the other indices. Announcement coming of some kind of (yet another omg I am so sick of hearing about it) deal with Greece to take away the small threat of trouble for the markets somewhere, anywhere
"If The Fool persists in his Folly he will become wise." - William Blake
  • #8,372
  • Apr 24, 2015 8:44am Apr 24, 2015 8:44am
took a shot on SPY $211/$210.5 puts for today's exp @ $0.12
"If The Fool persists in his Folly he will become wise." - William Blake
  • #8,373
  • Apr 24, 2015 9:02am Apr 24, 2015 9:02am
Quoting The Fool
took a shot on SPY $211/$210.5 puts for today's exp @ $0.12
filled at $0.09. maybe a chance for some Friday profit-taking and a dip below $211...?
"If The Fool persists in his Folly he will become wise." - William Blake
  • #8,374
  • Apr 24, 2015 9:10am Apr 24, 2015 9:10am
Quoting The Fool
{quote} filled at $0.09. maybe a chance for some Friday profit-taking and a dip below $211...?
...it's there, just need the Naz to break down and open the floor....
"If The Fool persists in his Folly he will become wise." - William Blake
  • #8,375
  • Apr 24, 2015 9:15am Apr 24, 2015 9:15am
Quoting Cecil Gee
{quote} I was 14c up that's 14x, closed half
hey CG, great trade on DIA this week. Are you scalping any today?
"If The Fool persists in his Folly he will become wise." - William Blake
  • #8,376
  • Apr 24, 2015 9:20am Apr 24, 2015 9:20am
Quoting The Fool
{quote} hey CG, great trade on DIA this week. Are you scalping any today?
yes looking to do a call scalp on DIA or SPY, waiting for price to break the first 30 minute high. May take a while but will make the closest strike cheap as so little time left, if it does nothing then just sit tight
  • #8,377
  • Apr 24, 2015 9:27am Apr 24, 2015 9:27am
yeah, short SPY not looking to good, but I was thinking about an end of day selloff. If oil comes up well, it should swing the Dow up with it. COMP keeps motoring up, maybe they shoot for 5,100 today....
"If The Fool persists in his Folly he will become wise." - William Blake
  • #8,378
  • Apr 24, 2015 9:39am Apr 24, 2015 9:39am
Quoting Cecil Gee
{quote} yes looking to do a call scalp on DIA or SPY, waiting for price to break the first 30 minute high. May take a while but will make the closest strike cheap as so little time left, if it does nothing then just sit tight
we're in no man land at the moment, looking at the chart if it the DOW drops below the first 30 minute candle then it will be puts. We are still in the range of the candle plus USD is weighing heavy, so T.F. don't lose hope on your SPY short just yet
  • #8,379
  • Apr 24, 2015 10:17am Apr 24, 2015 10:17am
Quoting Cecil Gee
... we're in no man land at the moment...
Yes. Up or down basically 50/50 for the end of the day, but NQ is pushing higher slowly... I will skip scalping for today.
Hope is dangerous in this game.
  • #8,380
  • Apr 24, 2015 10:23am Apr 24, 2015 10:23am
Quoting StrayDog
{quote} Yes. Up or down basically 50/50 for the end of the day, but NQ is pushing higher slowly... I will skip scalping for today.
could be a late show, once first 30 min candle high or low is taken out
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