ES Overbought, Again...and again.. and again...
Looks just like it did in May and June before the mini-bears. MFI + RSI both peaking. Stupid new ATH. Can it get higher?! OFC!
Closed out my SPY 465 October vertical 465/480 spreads by buying the short legs back for a $1K credit in early trade; I held the long 480 calls and re-entered today at the ATH, now short 20 October 462s and 50 October 467s for a net credit $9k. The 462s sold for >$2, more risky, juicy premium.
So I got to use my long call legs twice, they are paid for! Neat trick, in parlance; 'legging into position.'
The 467s are $18 OTM, after a long run-up like this these are likely to favor the seller IMO.
NB: Selling calls entails considerable risk and is NOT a suitable strategy for most day traders! You can lose a lot more than you get in credits.
Remember on 9 Nov when the damned thing gapped up 150 pips?! That's risk!! Short-sellers wiped out on opening gap, OW!!
A monster gap seems unlikely at this price, but do NOT sell VCS into price weakness! Killer Rallies can wipe you out in minutes.
Sell put spreads on weakness, if you dare.
Trade at your own risk, GLTA!!
Closed out my SPY 465 October vertical 465/480 spreads by buying the short legs back for a $1K credit in early trade; I held the long 480 calls and re-entered today at the ATH, now short 20 October 462s and 50 October 467s for a net credit $9k. The 462s sold for >$2, more risky, juicy premium.
So I got to use my long call legs twice, they are paid for! Neat trick, in parlance; 'legging into position.'
The 467s are $18 OTM, after a long run-up like this these are likely to favor the seller IMO.
NB: Selling calls entails considerable risk and is NOT a suitable strategy for most day traders! You can lose a lot more than you get in credits.
Remember on 9 Nov when the damned thing gapped up 150 pips?! That's risk!! Short-sellers wiped out on opening gap, OW!!
A monster gap seems unlikely at this price, but do NOT sell VCS into price weakness! Killer Rallies can wipe you out in minutes.
Sell put spreads on weakness, if you dare.
Trade at your own risk, GLTA!!
Trade active:
Closed short legs again on weakness in am and re-entered in higher strikes. Third leg-in.
Trade active:
Explosion in Kabul! Yay, close the short legs on VCS and wait for fourth re-entry!
Comment:
Re-entering short legs in Oct 465/466/467 calls, shorted 50, 20 open long legs remain, see if it lifts a bit more
Trade active:
Closed all positions went green 4th time pressing my luck! Might rally EOD, and Friday likely to bounce IMO
Comment:
Falling wedge; more bullish greed likely soon.
Comment:
AND AGAIN..... LOL AIN'T YOU GLAD YOU CLOSED?!
Trade active:
Shorting EOD in VCS, short Nov 366calls, long the 378s for a net credit 2.60 on ten $12 spreads.
Trade active:
MFI Overbought, RSI near cap. Looks shaky. SHorting more calls.
Trade active:
Feels toppy IMO. Shorted again now short 20 Nov 366 Calls
Trade active:
Flipped out on the PM weakness. Look for Friday blowoff IMO
Comment:
Frakkin Meltup FGS!!! Patience Bears...
Comment:
Shorted few calls but closed flat, take no position over weekend, Tues could continue meltup IMO
Comment:
See related posts. Shorted and covered. Looks like break down imminent, futurz presssing the 20DMA, crack below the 20 likely going to the 50DMA
