... for a .31/contract debit. Notes: Hard to believe that these were well in the money a few days ago, but they've largely done their job. Over time, I collected 11.70/contract in credits, and am closing out here for .31, so made 11.39 ($1139)/contract, all while protecting my SPY position from most of the bruising it got over the last week. (See Overwriting...
... for a $570 credit. Notes: I lack a certain degree of confidence that prices will recover in short order here and taking this little up move for what it's worth and delta under hedging with a naked short call. Scratch at 21.40 for the whole shebang.
... for a .09 debit; scratch at 8.50. Notes: Not much value left in these, so taking them off. Waiting for a little while longer on the 24 shortie.
... for a 3.39 debit; 1.84 ($184) realized gain; scratch at 94.63. Notes: A profitable subtractive adjustment and/or taking off downside risk (it's looking somewhat rickety here). Net delta remains short.
... for a .92 ($92) credit. Notes: A high rank/implied (76/78) underlying with earnings in the rear view mirror, excellent liquidity, and that's been beaten down on "weed sector weakness." Cost basis of 14.08 if assigned. Go 7.5/15 and you'll get some buying power relief in a cash secured environment, while only giving up .12 in credit to do so (it's currently...
EARNINGS: FDX (57/37): Tuesday, After Market Close. MU (23/46): Wednesday, After Market Close. NKE (24/25): Thursday, After Market Close. Pictured here is an MU January 17th 46/57.5 short strangle paying 1.53 (.76 at 50% max) with 1 standard deviation break evens and a delta/theta metrics of .32/5.34. Alternatively: a defined risk play collecting one-third the...
EARNINGS: HD (24/21) (Tuesday Before Market) LOW (68/35) (Wednesday Before Market) TGT (66/37) (Wednesday Before Market) GPS (60/53) (Thursday After Market) M (97/67) (Thursday Before Market) Pictured here is an M short straddle at the 17 strike in the December cycle, paying 2.73 with 14/72/19.73 break evens, and delta/theta metrics of -4.49/3.77. Look to put...
HIGH RANK/IMPLIED EARNINGS: CRON (32/82) (Tuesday Before Open) TLRY (50/97) (Tuesday After Close) CSCO (44/27) (Tuesday After Close) WMT (48/23) (Thursday Before Open) NVDA (24/43) (Thursday After Close) AMAT (17/34) (Thursday After Close) CGC (95/87) (Thursday Before Open) JC (30/43) (Friday Before Open) Notes: Looks like it's the "Week of Weed" with CRON,...
... for a 1.10 ($110 credit). Notes: A delta hedge with price pushing into the put side. Scratch for the whole shebang at 6.20.
IV for the 10/25 options is about 67% which is not INSANE. There is money to be made in the selling of options down here (condor or something?) but I like buying calls because IF NFLX gaps up, since it's so low, a lot of bears could be trapped and NFLX could run higher. THE PUTS (really far OTM) are not that expensive, so if NFLX has really bad earnings and gaps...