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McInnis 03
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In reply to Brewmaster • 3:11p, 7/7/20
AG
BREwmaster said:
was checking in for the daily McInnis strangle or butterfly! dumping into the close is interesting.
Tuesday trading, no craziness for the close.
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McInnis 03
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In reply to oldarmy1 • 3:12p, 7/7/20
AG
oldarmy1 said:
We have a Representative in the United States Congress openly calling for dismantling the system of business and government. If that doesn't encourage you to buy Puts and ammo I don't know what will.
I'm guessing the squad is up to no good again?
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McInnis 03
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In reply to McInnis 03 • 3:13p, 7/7/20
AG
McInnis 03 said:
BREwmaster said:
was checking in for the daily McInnis strangle or butterfly! dumping into the close is interesting.
Tuesday trading, no craziness for the close.
That being said, i have 3-wide put fly's on SPY pinned at 310 for Friday. Got them for $.22 yesterday.
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ProgN
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In reply to McInnis 03 • 3:18p, 7/7/20
McInnis 03 said:
oldarmy1 said:
We have a Representative in the United States Congress openly calling for dismantling the system of business and government. If that doesn't encourage you to buy Puts and ammo I don't know what will.
I'm guessing the squad is up to no good again?


Omar wants to dismantle the economy. She stated that at a rally.
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TecRecAg
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In reply to ProgN • 3:29p, 7/7/20
AG
I really, really hate that woman.
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wanderer
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In reply to TecRecAg • 3:32p, 7/7/20
Be nice to Pam
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ProgN
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In reply to TecRecAg • 3:42p, 7/7/20
TecRecAg said:
I really, really hate that woman.
It amazes me that America gave her and her family refuge from a violent ****hole country and now she's advocating for the US to become the ****hole her family fled.

I won't comment any further on here though regarding her.
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KT 90
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3:42p, 7/7/20
AG
This may not bode well for Chinese related stocks if investors grow wary of anything China related:

https://www.foxnews.com/politics/fbi-director-wray-says-half-of-bureaus-5000-counterintelligence-cases-are-related-to-china

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M.C. Swag
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3:47p, 7/7/20
AG
Stay on topic guys. If I wanted F16 content, I'd go there.
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Barty Dont Hedge
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3:50p, 7/7/20
Can we get a big rally out of BABA and ROKU Tomorrow before chit hits the fan????
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$30,000 Millionaire
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3:59p, 7/7/20
AG
I had a great day. Several successful shorts + scale outs on NDX.
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jtmoney03
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4:03p, 7/7/20
AG
You have to recognize that the original intent of this thread was not necessarily to give tickers and advice on options, it was to look at the markets wholistically. Please don't get me wrong, I love what it's turned into and we are all here to share ideas and make money doing it. But so much of what has been valuable from not only OA as the OP on this thread, but others like claym and aggiedaniel, has been the overall macro market and why it could or will do what they are talking about. It would be foolish not to mention a few political thoughts that jeopardize the very thing we are here to discuss.

I, like others, do not want it to spiral to F16 levels in discussion, but I think we've proven better than any other thread on TexAgs that we can get right back on topic without completely derailing.

Just some food for thought.
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gvine07
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In reply to jtmoney03 • 4:08p, 7/7/20
AG
Edit

No reason to pretend it didn't go further than that.

Let's move on.
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Brewmaster
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In reply to Barty Dont Hedge • 4:12p, 7/7/20
AG
Barty said:
Can we get a big rally out of BABA and ROKU Tomorrow before chit hits the fan????
Add FSLY and WMT to that list too. fwiw, Wednesdays are usually green.

I'm hoping for a pullback on OSTK too -- need to reload calls!
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Charismatic Megafauna
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4:38p, 7/7/20
AG
can I add BAC to that list? Really need them to go ahead and start running up to earnings. Because I really really don't want to be holding them into earnings. Will they be the first of the banks to report Q2?
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Ragoo
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In reply to McInnis 03 • 4:50p, 7/7/20
AG
McInnis 03 said:
wanderer said:
When you get a minute, can you walk us (me) through this strategy?
PMCC (Poor Man's Covered Call)

Strategy: Purchase a LEAP (far out call that is in the money (ITM), preferably at about 80 Delta), sell short term calls against it, first one focus on 30 delta.

Continue running the strategy by either
A) letting the short call expire and keeping all premium
B) buy back the short call when it's near max profit and reissue another call
C) Closing the diagonal because your timing/profit gains don't jive with your plans
D) Let the short call get exercised which then forces you to exercise your LEAP to close the transaction

Example:
Purchase ROKU Jan21 100C for $45.05
Sell ROKU JUL17 145C for $3.05

Monitor your short call. If ROKU blasts off, you can roll the call out for more profit or equal premium but higher strike. (Ie: Roku jets up to $147, you buy back your 145C for july 17 and reissue for maybe July 31 on the 150C, or whatever date makes your numbers work for you). If ROKU finishes on July 17 under 145C your short call is worthless and you can then buy it back for nearly nothing and reissue a later date call, or let it expire and do the same thing that following Monday, reissue a call.

You continue to do this in hopes that the stock continues to move up, in your favor so your leap gains value, and eventually you either get called out, close the diagonal, or whatever your strategy is.

Some people will buy multiple leaps, sell CC's against them, and if the underlying moves in their direction, eventually the premium obtained in accompaniment with selling the excess leaps and that profit can pay for net free holdings of leaps.

The strategy is pretty well documented. The only way it doesn't work is when the stock moves against you.

IE: I have MGM 16C's for january. They've cut themselves in half since I purchased them. Now I can continue to sell call's against them, but it's gonna be awhile before they pay themselves off due to the cut.

I'm currently running this strategy on GM, MGM, OSTK, DFS, and SIG.
i think this is the route I am going next in my trading life cycle. I've owned deep ITM options leaps before as a means to leverage/control more shares versus buying outright. Never even thought about selling nearer term calls to cover those positions for cash generation. ***** Sounds way too easy when stocks only go up.
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McInnis 03
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In reply to Brewmaster • 5:12p, 7/7/20
AG
BREwmaster said:
Barty said:
Can we get a big rally out of BABA and ROKU Tomorrow before chit hits the fan????
Add FSLY and WMT to that list too. fwiw, Wednesdays are usually green.

I'm hoping for a pullback on OSTK too -- need to reload calls!


NO OSTK PULLBACKS. TRAIN GONE. YOU MISSED IT
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Ragoo
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In reply to McInnis 03 • 5:30p, 7/7/20
AG
Thoughts on AMD 40c 1/15/21 for $15.60?

Sell $56c out 3 weeks for $2 or so.
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AgsnFly
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In reply to Talon2DSO • 5:51p, 7/7/20
AG
Talon2DSO said:
tsuag10 said:
tsuag10 said:
WMT volume spike


Amazon dipped on this news.

Terrible timing here. I sold all my WMT length this morning because it was doing nothing for me - missing on a couple grand in gains. A bit unlucky for sure.
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ProgN
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In reply to Ragoo • 5:55p, 7/7/20
Ragoo said:
Thoughts on AMD 40c 1/15/21 for $15.60?

Sell $56c out 3 weeks for $2 or so.
AMD is in the darvis box, it should break one way or the other pretty quick. I'd lean to the upside when it does.
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ProgN
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5:58p, 7/7/20
ERI should be on your radar. I should break this darvis soon with tightening bollinger bands. I only think it breaks lower if we have shutdowns again and I don't think that will happen. I'd be a buyer at $35.
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$30,000 Millionaire
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In reply to gig em 02 • 6:12p, 7/7/20
AG
gig em 02 said:

Don't worry we will crash all the way to 3155 tomorrow.
you were off by 10 points!
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gig em 02
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In reply to $30,000 Millionaire • 6:17p, 7/7/20
Still working out the kinks in my algo
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$30,000 Millionaire
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In reply to gig em 02 • 6:19p, 7/7/20
AG
gig em 02 said:
Still working out the kinks in my algo
that's remarkable forecasting. you should have run some put butterflies.

Speaking of Algos, sucks Clay and Daniel aren't posting at the moment.
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$30,000 Millionaire
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In reply to Barty Dont Hedge • 6:21p, 7/7/20
AG
Barty said:
Can we get a big rally out of BABA and ROKU Tomorrow before chit hits the fan????
I think you will. I wouldn't expect anything major until post OPEX.
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Tex Shirley
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6:28p, 7/7/20
I think we are going to see <3130 in the next 24 hrs, will stay <3193, and will close tomorrow <3175
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$30,000 Millionaire
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In reply to Tex Shirley • 6:56p, 7/7/20
AG
Tex Shirley said:
I think we are going to see <3130 in the next 24 hrs, will stay <3193, and will close tomorrow <3175


They're a-holes for what they did, btw.
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ProgN
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In reply to $30,000 Millionaire • 7:05p, 7/7/20
$30,000 Millionaire said:
Tex Shirley said:
I think we are going to see <3130 in the next 24 hrs, will stay <3193, and will close tomorrow <3175


They're a-holes for what they did, btw.
I agree
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Bob Knights Paper Hands
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In reply to ProgN • 7:14p, 7/7/20
Prognightmare said:
ERI should be on your radar. I should break this darvis soon with tightening bollinger bands. I only think it breaks lower if we have shutdowns again and I don't think that will happen. I'd be a buyer at $35.

Thanks. This is pertinent to my interests. Are you in on shares only? Or buying calls as well if it looks to break upward?
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ProgN
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In reply to Bob Knights Paper Hands • 7:17p, 7/7/20
Bob Knights Liver said:
Prognightmare said:
ERI should be on your radar. I should break this darvis soon with tightening bollinger bands. I only think it breaks lower if we have shutdowns again and I don't think that will happen. I'd be a buyer at $35.

Thanks. This is pertinent to my interests. Are you in on shares only? Or buying calls as well if it looks to break upward?
I'm going with the shares because the market is extended and the governor could close them down. Those negative variables make me hesitant to go with calls.
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FishrCoAg
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In reply to Ragoo • 7:21p, 7/7/20
AG
Trying this with NIO
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Bob Knights Paper Hands
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In reply to FishrCoAg • 7:41p, 7/7/20
The downside being the stock or the market as a whole moving against you. So what would be a way to hedge these? Check for some Sept-Nov puts to buy for less than the call you sell? Or some hedges of SPX?
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Baby Billy
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7:56p, 7/7/20
AG
I followed uncle warren yesterday and bought ET. DAPL headwinds have hit it hard but I love good value plays for longer term holds. This is not a $6 stock.

Also OKE... same reason
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aggiedaniel06
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8:57p, 7/7/20
AG
The market is just hungover from it's three month cocaine bender and waiting for the next shipment from Jerome "Pablo Escobar" Powell.
[img][/img]
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Brewmaster
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In reply to McInnis 03 • 9:07p, 7/7/20
AG
McInnis 03 said:
BREwmaster said:
Barty said:
Can we get a big rally out of BABA and ROKU Tomorrow before chit hits the fan????
Add FSLY and WMT to that list too. fwiw, Wednesdays are usually green.

I'm hoping for a pullback on OSTK too -- need to reload calls!


NO OSTK PULLBACKS. TRAIN GONE. YOU MISSED IT
LOL! I have commons... didn't load the boat, but a decent amount. I'll keep riding the calls on the way up, sell and then roll profits a bit higher and a week further out. Been a meteoric rise!
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