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Let's Trade Options

  • #10,261
  • Aug 20, 2015 5:56pm Aug 20, 2015 5:56pm
Quoting The Fool
well, i'll be damned if Ima get my pecker caught in another nasty V-bottom. You let the Fed heads work the jawbone for a day or two and if the Sept ffr hike gets pushed off into Dec in the feeble bots' brainchips, we could be back at $210+ next week.
You would think that the market would be relieved at the decreasing possibility of a Sep hike ... . But this doesn't look like relief ... .

I've shit my pants several times with these V's ... . I guess I can do it again ... .
Fireworks are fun ... as long as you don't blow your fingers off.
  • #10,262
  • Aug 20, 2015 5:59pm Aug 20, 2015 5:59pm
well the perfect storm is always a longshot - but if Greek angst takes hold in the e-zone again AND we have continuing fair to better econ data in the US, so the Sept ffr rumor does not die - then the hand for a fiber crash could be dealt

for tomorrow, though, maybe the bold play is a VXX $18/$18.5 bear call vert for 20c?
"If The Fool persists in his Folly he will become wise." - William Blake
  • #10,263
  • Aug 20, 2015 6:07pm Aug 20, 2015 6:07pm
Quoting The Fool
well the perfect storm is always a longshot - but if Greek angst takes hold in the e-zone again AND we have continuing fair to better econ data in the US, so the Sept ffr rumor does not die - then the hand for a fiber crash could be dealt for tomorrow, though, maybe the bold play is a VXX $18/$18.5 bear call vert for 20c?
That would be ballsy ... .
Fireworks are fun ... as long as you don't blow your fingers off.
  • #10,264
  • Aug 20, 2015 6:10pm Aug 20, 2015 6:10pm
Quoting The Fool
left a lot on the table w/ FSLR, it at ~$48.5x now - but looking back, woulda done the same thing. USO weekly strangle a TL unless /CL can break below $40
FSLR $49/$48.5 I bailed for 10 cents net, went to 58c at today's close, or like a 48c net......sigh
"If The Fool persists in his Folly he will become wise." - William Blake
  • #10,265
  • Aug 20, 2015 6:18pm Aug 20, 2015 6:18pm
The one trade I think I will take tomorrow will be an Oct 2nd expiry TLT IC -- 116.5/119.5/132/135 for a .65 credit. Less whippy right now than the indices, and if the indices do bounce, it is unlikely I'll get a fill ... .
Fireworks are fun ... as long as you don't blow your fingers off.
  • #10,266
  • Aug 20, 2015 7:34pm Aug 20, 2015 7:34pm
tried to fill this Oct SPY fly today for $0.35, needed more. Not sure I wouldn't rather bring it in to Sept, anyway
Attached Image (click to enlarge)
Click to Enlarge Name: 2015-08-20_nn.png Size: 63 KB
"If The Fool persists in his Folly he will become wise." - William Blake
  • #10,267
  • Aug 20, 2015 9:27pm Aug 20, 2015 9:27pm
Quoting The Fool
{quote} FSLR $49/$48.5 I bailed for 10 cents net, went to 58c at today's close, or like a 48c net......sigh
I hate when that happens ... .
Fireworks are fun ... as long as you don't blow your fingers off.
  • #10,268
  • Aug 20, 2015 9:33pm Aug 20, 2015 9:33pm
How "down" is a "down" market? It looks like this:

Attached Image (click to enlarge)
Click to Enlarge Name: FINVIZ Heat Map.jpg Size: 300 KB


Good luck, Jim Cramer, at pulling turds out of that cow pie ... .

http://www.finviz.com/map.ashx?t=sec
Fireworks are fun ... as long as you don't blow your fingers off.
  • #10,269
  • Edited 11:47pm Aug 20, 2015 10:12pm | Edited 11:47pm
Quoting ZebraSquirl
I hate when that happens ... .
selling options is easier: you know what your maxP is going to be, so just a matter of deciding how to close out - mechanical is best, some say 50% .......I'm playing it by ear but looking for 70% maybe 80%......or sometimes waiting for the last nickel or expiry

long trades with "infinite" profit potential seem to invite more fear/greed confusion into the execution.... I was waiting waiting on that FSLR spread to do something, thought it was going to be a TL, and then I got a chance to close with a profit with just 2dte, so I took it....and missed the big score. Say la vee....
"If The Fool persists in his Folly he will become wise." - William Blake
  • #10,270
  • Aug 20, 2015 11:45pm Aug 20, 2015 11:45pm
Prolly be 5c cheaper next week
Attached Image (click to enlarge)
Click to Enlarge Name: 2015-08-20_SPY.png Size: 54 KB
"If The Fool persists in his Folly he will become wise." - William Blake
  • #10,271
  • Aug 21, 2015 1:13am Aug 21, 2015 1:13am
Have to expect a little bounce Friday, may look to catch a vix drop on the weekly VXX
"If The Fool persists in his Folly he will become wise." - William Blake
  • #10,272
  • Aug 21, 2015 1:10pm Aug 21, 2015 1:10pm
Trying to fill a Sep SPY $193/$190 bear puts vert for 60c
"If The Fool persists in his Folly he will become wise." - William Blake
  • #10,273
  • Aug 21, 2015 1:18pm Aug 21, 2015 1:18pm
Quoting The Fool
Trying to fill a Sep SPY $193/$190 bear puts vert for 60c
filled, will wait to see if we get a dip into the close to do more - I expect a bounce or a battle here around SPY $200....
"If The Fool persists in his Folly he will become wise." - William Blake
  • #10,274
  • Aug 21, 2015 1:47pm Aug 21, 2015 1:47pm
Quoting The Fool
{quote} filled, will wait to see if we get a dip into the close to do more - I expect a bounce or a battle here around SPY $200....
set a Sep $191/$188 for $0.60 for the close
"If The Fool persists in his Folly he will become wise." - William Blake
  • #10,275
  • Aug 21, 2015 2:24pm Aug 21, 2015 2:24pm
Quoting Cecil Gee
{quote} taken APPLE trade - long strangle DEC EXP $130 CALL at $3.85 and long DEC EXP $115 PUT at $2.80, may sell shorter term options to reduce costs. Been waiting on APPLE to make some kind of directional move plus within in the trade I get another earnings report OCTOBER AAPL Dec 2015 130.000 call (AAPL151218C00130000) -OPR 3.85 0.20(4.94%) 14:32 AAPL Dec 2015 110.000 put (AAPL151218P00110000) -OPR 2.80 0.12(4.11%) 14:11
looking for $95 on AAPL so holding on to trade
  • #10,276
  • Aug 21, 2015 2:28pm Aug 21, 2015 2:28pm
Quoting Cecil Gee
{quote} ES, SPY, DIA are poised for a trend move, i'm positioning for a 18 month strangle on them once I get the preferred strike prices
holding on to the above trades into next FOMC where I may cash out
  • #10,277
  • Aug 21, 2015 2:30pm Aug 21, 2015 2:30pm
Quoting Cecil Gee
{quote} apart from the big red candle from last week we still haven't closed below 17600 area on the DOW, would like to see a whole candle open and close beneath it for continuation and a 1000 point drop and a VIX rise to the upper 20's, this will help with a APPLE trade to the downside for me too
done the 1000 point drop, re evaluating to see how much more before it bounces if at all
  • #10,278
  • Aug 21, 2015 3:00pm Aug 21, 2015 3:00pm
Quoting The Fool
Trying to fill a Sep SPY $193/$190 bear puts vert for 60c
good job, Cecil

The $193/$190 Sept SPY spread didn't fill, had an order entry glitch, so I am just In Sept $191/$188 - will hold off til next week for anything else
"If The Fool persists in his Folly he will become wise." - William Blake
  • #10,279
  • Aug 21, 2015 3:07pm Aug 21, 2015 3:07pm
Quoting The Fool
{quote} good job, Cecil The $193/$190 Sept SPY spread didn't fill, had an order entry glitch, so I am just In Sept $191/$188 - will hold off til next week for anything else
thx, you should have time after a bounce to get in. Once I see 90-95$ 0n APPLE I will look to close many positions then wait for the for time and position to ride APPLE back and beyond $150
  • #10,280
  • Aug 21, 2015 3:16pm Aug 21, 2015 3:16pm
I cast a worm out at the close to catch a bounce next week - SPY Aug4 $201/$201.50 calls for 20c.....it has been a good week, I can't complain about USO strangle TL when I got out of everything else in good profit, sitting on lotsa cash...

I have Oct $17/$18 VXX long calls, sitting at about 30c net gain - I wanted to sell out for that at the close but didn't get filled as the spoos started to bounce a bit - I expect I will get better chances with less dte...
"If The Fool persists in his Folly he will become wise." - William Blake
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