oldarmy1 said:

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Jump in with full confidence you can sell covered calls of $2.50 for a nice price in the morning if it hasn't rocketed (or even if it does)

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Good call. Love this move!

NRD09 said:

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TriumphForks said:

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There's a Darvas Box on ONTX between about .53 and .63. I traded that in and out once (bought at .54, sold today at .62). If it goes back down to .53 or .54 in the next couple of days I think I will pick some more up and try it again. I will probably miss a big jump if there is one but this this stock is not one I want to be holding for a long period of time.

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the idea here is that ontx gave us a sign by canceling a planned reverse split. Considering they have a trial data release imminent this probably means they will skyrocket (to at least $1). You don't want to miss that. Or maybe you don't mind, nothing wrong with money in your pocket through a couple 20% swings at the risk of missing a 200%+ run (that may never happen). I made some good money playing the swings with WTRH and I kick myself every time I see the price these days, so I am hodling ontx. and mvis. and trvn. and ttoo. and xxii. I may have a problem

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Out of mvis, trvn, ttoo and xxii which do you like the best?

WYNN has had huge green volume right at close the last two days with little change in price. Is that a signal?

It went from 108 to under 70 in a three week span but since has stabilized. Is that an odd shaped head and shoulders bottom over the last 5 days? The left shoulder has high volume on downward price movement, but after that the volume seems to come when prices turn up. It would be a near horizontal, maybe slightly slanted up neckline from 73.65 to 74.11.

Is this a good reversal signal? If so would $85 C for three to five weeks out seem like a reasonable play?

I'm new to the reversals game, so let me know your thoughts.

NRD09 said:

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so I am hodling ontx. and mvis. and trvn. and ttoo. and xxii. I may have a problem

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Maybe you do have a problem or maybe you are very rich depending on when you got in on some of those.

But in all seriousness...I get they cancelled the Reverse Split. Could also be viewed as mgmt trying to manipulate the stock price or just kick the can down the road and try to extend the deadline for being delisted. Looking at the long term price chart is....... scary. There were probably a lot of times along the way where people thought it would be a great time to buy.

at the moment...ttoo
I have played xxii for a long time and made some money and like them as a company, they don't seem to be very good with pr though. I like their low nicotine tobacco biotech and it should make them desirable for acquisition someday
I think mvis may all be hype (the hope is that msft will buy them for technology that they already license extensively), and I think I got the trvn idea (september calls) from wallstreet bets so I am probably now holding someone's bags on that one

At $1.80 the Nov $2.50 calls will be near $1. Imagine if you are late entry at $1.60 area and tomorrow you can sell a Nov $2.50 call for $1 netting you either $3.50 or owning TTOO shares at $0.60.

Don't need a degree to see that is a rare opportunity

I just reread your initial post and realized that you were just sharing, not asking for advice. Sorry for offering it unsolicited. I agree with you on the long term price chart but that's just the nature of pharma. Offerings and splits to keep the lights on until they hit a home run

OA - what is your RVLV point of view?

NRD09 said:

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I just reread your initial post and realized that you were just sharing, not asking for advice. Sorry for offering it unsolicited. I agree with you on the long term price chart but that's just the nature of pharma. Offerings and splits to keep the lights on until they hit a home run

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No worries. I have learned a ton from following this thread and all advice is welcome as far as I am concerned.

oldarmy1 said:

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https://seekingalpha.com/news/3587544-t2-biosystems-launches-covidminus-19-molecular-diagnostic-test-in-u-s

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Up 50% after hours

$30,000 Millionaire said:

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OA - what is your RVLV point of view?

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As long as the stairs keep stepping it's good.

Thank you

Prognightmare said:

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pb488 said:

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damn, I got unlucky with a market sell order and sold SPY 310C at .3 when it was sitting around .5 around 2:55PM. still a nice profit buying them at .04 but frustrating.

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I only made 7X ROI vs. 12X. This game is rigged!

Only in Merica

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I wanted in the 12 bagger club!

Did similar 2 weeks ago when he first mentioned, only I sold August 2.50c for about 30% of original investment. Best to roll them out further on the current spike, or hold on and hope to either get called out or sell them again?

FishrCoAg said:

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Did similar 2 weeks ago when he first mentioned, only I sold August 2.50c for about 30% of original investment. Best to roll them out further on the current spike, or hold on and hope to either get called out or sell them again?

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If I get called out on my 1/3 of shares, I am going to have a large glass of nice scotch. Not going to be upset with ~67% gain (between share appreciation and option premium).

EDIT: Realistically, the stock will probably give up some of these gains and there is still some work to do to get over $2.50. Guess we will see, doubt anyone in this thread is going to be disappointed if it is at $2.50 tomorrow and we all just have to wait for the options to expire.

NRD09 said:

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at the moment...ttoo
I have played xxii for a long time and made some money and like them as a company, they don't seem to be very good with pr though. I like their low nicotine tobacco biotech and it should make them desirable for acquisition someday
I think mvis may all be hype (the hope is that msft will buy them for technology that they already license extensively), and I think I got the trvn idea (september calls) from wallstreet bets so I am probably now holding someone's bags on that one

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Thanks

Bob Knights Liver said:

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WYNN has had huge green volume right at close the last two days with little change in price. Is that a signal?

It went from 108 to under 70 in a three week span but since has stabilized. Is that an odd shaped head and shoulders bottom over the last 5 days? The left shoulder has high volume on downward price movement, but after that the volume seems to come when prices turn up. It would be a near horizontal, maybe slightly slanted up neckline from 73.65 to 74.11.

Is this a good reversal signal? If so would $85 C for three to five weeks out seem like a reasonable play?

I'm new to the reversals game, so let me know your thoughts.

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Wynn, ERI & MGM all have very similar technical shapes especially at the 65 minutes. All three had a good open 65 minutes today and then held flat the rest of the day.

https://investors.fastly.com/files/doc_presentations/2020/06/May-2020-FSLY-Investor-Deck.pdf

topher06 said:

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FishrCoAg said:

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Did similar 2 weeks ago when he first mentioned, only I sold August 2.50c for about 30% of original investment. Best to roll them out further on the current spike, or hold on and hope to either get called out or sell them again?

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If I get called out on my 1/3 of shares, I am going to have a large glass of nice scotch. Not going to be upset with ~67% gain (between share appreciation and option premium).

EDIT: Realistically, the stock will probably give up some of these gains and there is still some work to do to get over $2.50. Guess we will see, doubt anyone in this thread is going to be disappointed if it is at $2.50 tomorrow and we all just have to wait for the options to expire.

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So here's what I don't understand about this strategy: selling covered calls limits your upside, which is the last thing I want to do with pharma/bio. Your shares could get called away tomorrow at 2.5 and it could keep running. I get the idea of guaranteed returns but CODX went 5x+ almost overnight. That puts us over $6. Do I just need to get over the fomo and focus on guaranteed returns?

NRD09 said:

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topher06 said:

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FishrCoAg said:

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Did similar 2 weeks ago when he first mentioned, only I sold August 2.50c for about 30% of original investment. Best to roll them out further on the current spike, or hold on and hope to either get called out or sell them again?

---

If I get called out on my 1/3 of shares, I am going to have a large glass of nice scotch. Not going to be upset with ~67% gain (between share appreciation and option premium).

EDIT: Realistically, the stock will probably give up some of these gains and there is still some work to do to get over $2.50. Guess we will see, doubt anyone in this thread is going to be disappointed if it is at $2.50 tomorrow and we all just have to wait for the options to expire.

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So here's what I don't understand about this strategy: selling covered calls limits your upside, which is the last thing I want to do with pharma/bio. Your shares could get called away tomorrow at 2.5 and it could keep running. I get the idea of guaranteed returns but CODX went 5x+ almost overnight. That puts us over $6. Do I just need to get over the fomo and focus on guaranteed returns?

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depending on the premium you could use that cash generation to buy more shares go net free for long term hold.

Eliminates risk and keeps a position for the ride.

ok now that's smart!

From my understanding the concept of "net free" is simply to ease one own's mind that they "can't lose anything" on a certain investment -- there still could be a lot of money being left on the table.

It all depends on what your goal was with the initial investment. Like a sports hedge, sure you might have found yourself in a position that you can guarantee money but if you picked a team because you thought they could win it all, all hedging or going net-free accomplishes is diminishing your expected value.

You're still possibly taking a loss when you go net free, you're just doing so from your potential profits rather than your realized losses. Leaving $1 on the table isn't much different than losing $1.

Proposition Joe said:

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From my understanding the concept of "net free" is simply to ease one own's mind that they "can't lose anything" on a certain investment -- there still could be a lot of money being left on the table.

It all depends on what your goal was with the initial investment. Like a sports hedge, sure you might have found yourself in a position that you can guarantee money but if you picked a team because you thought they could win it all, all hedging or going net-free accomplishes is diminishing your expected value.

You're still possibly taking a loss when you go net free, you're just doing so from your potential profits rather than your realized losses. Leaving $1 on the table isn't much different than losing $1.

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I think in almost all cases though, you go net free and you make good money on the trade. Sure maybe you could've made a little more if ONTX goes to 2 or $3, but it's a bio at the end of the day.

pb488 said:

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Prognightmare said:

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pb488 said:

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damn, I got unlucky with a market sell order and sold SPY 310C at .3 when it was sitting around .5 around 2:55PM. still a nice profit buying them at .04 but frustrating.

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I only made 7X ROI vs. 12X. This game is rigged!

Only in Merica

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I wanted in the 12 bagger club!

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Don't we all. Just ribbing you brother, nice trade.

pb488 said:

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damn, I got unlucky with a market sell order and sold SPY 310C at .3 when it was sitting around .5 around 2:55PM. still a nice profit buying them at .04 but frustrating.

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Why did you use market sell order? Always use limit order in case the MM spread you out.

Got in TTOO at 1.25 yesterday but decided to wait to sell covered calls. I fell in to a nice scenario.

Up to $2.20 ah

$2.20 will make call premiums spike high as a kite!