The Day Ahead: TQQQ, GDXJ, USO, GDX, FXI Premium Selling
It's Friday ... the 13th. Here's what's shakin' in exchange-traded fund premium selling ... .
Top 5 Options Liquid ETF's Ranked by 30-Day IV:
TQQQ 22.9 IVR/60.4 IV
GDXJ 23.6/38.9
USO 46.4/38.8
GDX 26.0/33.6
FXI 14.8/31.4
Ideally, you want to have IVR at >50 and IV at >35% in ETF premium-selling land, but you can't have everything in this market ... .
Broad Market Shortest Duration <16 Delta Strike Paying 1% of the Strike Price In Credit:
IWM, the January 19th 151, paying 1.58 at the mid (14 delta)
QQQ, the January 19th 325, paying 3.44 at the mid (15 delta)
SPY, the February 16th 385, paying 3.93 at the mid (15 delta)
Me, Personally
Currently, I still have quite a bit of broad market on in fourth quarter expiries, with the majority being in the December monthly and the end-of-quarter December 29th. (I have one IWM straggler on in the November monthly). I've begun to deploy out a smidge into the 2024 first quarter), but may just sit on my hands this week depending on whether I can get in at strikes better than what I currently have on.
Because of that, I may dabble small with TQQQ as an engagement trade (and to see what all the fuss is about). Pictured here is a 16 delta short put at the 30 strike in the December 15th monthly paying 1.01 at the mid which I'll do as a starter position and then work it from there as I wait on my other positions.
I also already have a GDXJ covered call on (See Post Below), but may add a short put to give me a little extra sumthin' sumthin' on that play.
Top 5 Options Liquid ETF's Ranked by 30-Day IV:
TQQQ 22.9 IVR/60.4 IV
GDXJ 23.6/38.9
USO 46.4/38.8
GDX 26.0/33.6
FXI 14.8/31.4
Ideally, you want to have IVR at >50 and IV at >35% in ETF premium-selling land, but you can't have everything in this market ... .
Broad Market Shortest Duration <16 Delta Strike Paying 1% of the Strike Price In Credit:
IWM, the January 19th 151, paying 1.58 at the mid (14 delta)
QQQ, the January 19th 325, paying 3.44 at the mid (15 delta)
SPY, the February 16th 385, paying 3.93 at the mid (15 delta)
Me, Personally
Currently, I still have quite a bit of broad market on in fourth quarter expiries, with the majority being in the December monthly and the end-of-quarter December 29th. (I have one IWM straggler on in the November monthly). I've begun to deploy out a smidge into the 2024 first quarter), but may just sit on my hands this week depending on whether I can get in at strikes better than what I currently have on.
Because of that, I may dabble small with TQQQ as an engagement trade (and to see what all the fuss is about). Pictured here is a 16 delta short put at the 30 strike in the December 15th monthly paying 1.01 at the mid which I'll do as a starter position and then work it from there as I wait on my other positions.
I also already have a GDXJ covered call on (See Post Below), but may add a short put to give me a little extra sumthin' sumthin' on that play.
