#ShortStrangles Now that this one is volatile again, premium is jacked.
Sold to Open $TSLA Nov 2nd 290/350 strangles for 6.50.
STO November 2, 1475/1500 bull put spread @ 2.25 adding to my position.
Was 7.53 this morning around 11:00 am. Looks like that will be it for the day.
STC SPX 2675/2680 Oct 26 for $3.60, bot for $1.80 before 1 PM today. I see I could have collected more but couldn’t watch as needed. I’m happy with this.
Next I may be able to buy back my NUGT shorted with a 13.50 call. Eventually it looks like a winner after looking very bad as prices reached $17 earlier this week. It was exercised 2 weeks ago.
#CoveredCalls – Sure didn’t think I’d still be in this since last earnings. Started out as a blown out strangle and the stock has lost 30 percent since last quarter. Through extremely aggressive call selling (double selling and selling in the money) I’ve managed to stay in the game. Started at around an 80 basis and currently sitting at 66.16.
Next week it’s earnings time again and I’m still being cautious. Selling in the money at a level that will give nice downside protection while still allowing the stock to get called away with a small profit.
New basis is now 57.31 covered at 58.0. Estimated move on earnings of about 10 dollars. I don’t quite have all that covered to the downside but got most of it. If the stock gets that low I may back off on the aggressive call selling and keep longer term for a turnaround.
#LongPuts #LEAPS – Selling calls and puts against a long put LEAP position. Selling less calls and scattering them out for extra safety. Rolling this week’s and holding short 70 strike the next two weeks. Will continue pounding the weekly put sales as long as I can.