As suggested a couple of weeks back, a three week test of the high (on the closing basis) tested and failed. On an interday view, I was looking for a possible high of 16.65. We got up to 16.60 and fell from there. I took the opportunity to sell off some of the in-the-money Jan 2021 calls, as if this setup proves correct, no telling how low prices might go.
That is, if they go down at all. I was surprised that we weren't able to get any sell in the past couple of weeks. We had one day (Monday) when we opened down somewhat sharply. I took the opportunity to sell some Puts. Opening positions as I thought that we might go down to at least 15.50 but that proved to be the only opportunity for the week to establish short puts. As I mentioned in my last comments, this has been rather unusual as we had seldom had opportunities to sell calls.
The physicals have become more available and the premiums are coming down a bit Heard also that the Fed had been bringing down the balance sheet some. The panic bid in metals appears to have disappeared so let's see if we get back to the normal game of big smack downs to cover shorts and replenish LEAPs.
That is, if they go down at all. I was surprised that we weren't able to get any sell in the past couple of weeks. We had one day (Monday) when we opened down somewhat sharply. I took the opportunity to sell some Puts. Opening positions as I thought that we might go down to at least 15.50 but that proved to be the only opportunity for the week to establish short puts. As I mentioned in my last comments, this has been rather unusual as we had seldom had opportunities to sell calls.
The physicals have become more available and the premiums are coming down a bit Heard also that the Fed had been bringing down the balance sheet some. The panic bid in metals appears to have disappeared so let's see if we get back to the normal game of big smack downs to cover shorts and replenish LEAPs.