Sold the short iron condor as follows
Sold the 117 calls, Bought the 118 calls
Sold the 110 puts, Bought the 109 puts
Exp this Fri, 7/5.
1.7% outside the top bollinger, needs to just consolidate here or even some profit taking into the holiday is expected
Shooting star on the daily is forming, clear profit taking since the open
.786 fib resist is...
ORCL (50/29) releases earnings on Wednesday after market close, so look to put on a play in the waning hours of Wednesday's New York session.
Pictured here is a non-standard short strangle, with the short call side doubled up in order to compensate for greater than one dollar wide strikes: 1.30 credit, break evens at 48.70/58.15, and delta/theta of...
... for a 1.09/contract credit.
Another premium selling play, small, defined in the semicon exchange-traded fund with implied volatility at nearly twice that of the broad market ... . Collecting slightly greater than one-third the width of the wings. Will look to take profit at 50% max. The naked 110/126 short strangle in the June cycle is currently paying...
ATH is 114. I'm not expecting us to go there. AMD had it's run up already, SPX is looking slow (and like a Head and shoulder on the weekly). I'm better as a bearish trader which sucks in the kind of rally we've had from the bottom, but I've adapted by being more patient and precise with my entries and stop losses.
Short entry 112.70
Chip stocks look waaay overdone, yet I don't think it's over. If you look at just 2019, this gap looks like an exhaustion gap, but if you look at the semiconductor ETF (SMH), you can see that it looks more like an island gap.
Wait at least until SMH hits $106 before shorting chips. Also, chip stocks were strong last Feb/March.
Not sure if SMH is worth chasing...
I'm not trading this, but posting it as something to watch. We have a few weeks/months until other semi's report, so it could easily ride this line into the 200dma, though it will likely see some consolidation as it ascends into future supply zones. Risk/reward not here for me until it shows its hand a little more.
Have not played MU or SMH traditionally, but it's been one of the steadier semi's going into late January, and has not been affected by NVDA's weak guidance update. Has been working through an ascending channel, and now appears to be breaking out of a bull flag, supported by a demand zone. Targets have been mapped, but expecting 40+, settling down once it reaches...