Oil this morning looked a bit shallow so I jumped in! Then jumped out after seeing over $500 profit.
Also picked up some more NLY after I noticed a dip
TNA has weeklys meow! I mean now. Sorry just saw Super Troopers. Sold a 54 weekly next Friday for 1.05. Today I covered a 53 call(sold at .75) for .15
So here i am for next week
Covered that TNA jan 50 call at .95 this morning for about $100 profit. Was tempting to cover yesterday at the gap fill dip. Glad I waited it out.
Here is a chart of the option rapidly declining. I could have waited it out but I don’t want to wait 15 days for remaining $100 at expiration when I cleared $100 in 3 days.
Now waiting for movement or if flat I look to february to sell another call
Sold one 50 call on TNA for 2.0
If it goes 50% profitable by next week i will close it. If not I’ll let it ride, maybe even assign away some of my lot. Will be missing some profit if TNA over 52.
Updated quotes here
I arose to SMS alerts and SPX around 1345. Happily took profit @ 1335 on my last September contract. Still have spreads(credit not debit!) on ES 1340-1345 & 1340
-1350. So if I miss any profit from selling ‘too soon’- the calls will pick up from where I left off. Glad I bought them on the dips, and waited for rip to sell the spread ends. i love this game.
Also sold a 1335 put short @ 12.5($625)in case it stays range bound I can re-write next week, if it assigns it will be similar to jumping back in long $625(12.5 points) lower at 1323. Will gladly do that as my former 2 long insurance puts are still in place and spread against 1 so it can’t lose much more- both are paid for and can lose completely since I played 2 contracts from 1290 and never got assigned the whole time I had been selling calls in the 1330-1360 range just reaping premium.
This is the 1340 target I expected from the gut- my head tells me higher , but I’m not catching my guts messages if it’s speaking at all. now I am waiting for it to rumble and tell me what’s next- until then I am enjoying life thoroughly on a trip to Hilton Head, SC with my roommate who offered me a chance to ride along back to his favorite hometown. Went on a catamaran booze cruise around the islands yesterday and partied with a bunch of fun lifeguards. Good times!
covered the 15 july options(1335 and 1350) for over 90% at .10 from yesterday and today. Also sold a 1330 yesterday for .85 which I covered for .10 today.
On to the next ones! Decided to keep with week-to-week, going to the 22nd, since not much more premium in the 29th and on.
Indexes got rangebound and the pivot levels are narrowing. This week had started out interesting, with a nice 50 point swing. Hopefully we get more action. This flatness tells me market taking a breath before pushing higher… we shall see – All the traders I follow are talking very bearish. I see alot of signs, yet remain bullish, always ready to change in an instant.
For next friday – July 22nd
-1 1335 @ 3.10 ($1.55)
-1 1340 @3.10 ($1.55) Total $310
I actually didn’t put any thought into these levels, just felt the premium was right. Usually I set a target using max-pain, pivot points, and moving averages to scope a good level where I can absorb the most premium. For now, there was sufficient premium to sell exactly at my planned exit for these contracts, if not I am happy with taking the money at expiration.
The old wise men are calling the market continues to rise, and anyone under 55 seems to think the market is going to landslide under 1290 again. I’m ready to change my mind in an instant, but for now just playing long and the premium reaping game. Already absorbed $90 premium for the week. – Aiming for $175 more.
The picture above is my short calls expiring this weekend.