I went long SPXL

SN calls sold. Giving a 30% further reduction in accumulated shares. Not selling any shares to "plant" holdings as net free. Just getting started.

looks like the top might be in for the day. the white line was a reliable trendline for the day, we got some volume at the day's high and then broke below the trend line. I obviously missed the high for today, but I'm still holding those puts. That trendline is acting like some good resistance now and we aren't making higher highs anymore.

oldarmy1 said:

---

SN calls sold. Giving a 30% further reduction in accumulated shares. Not selling any shares to "plant" holdings as net free. Just getting started.

---

What exactly do you mean? You are just selling shares to recover capital but not planning on exiting your position?

I'm up 25% already in two days...

I think he bought the calls cheap a while back, they are now worth more and he is talking advantage and selling them outright while maintaining his underlying stock position(like he paid a nickel for them and is selling them for a quarter)

In reading his previous post with respect to this strategy, he likely has price targets in mind for selling a portion of his shares. He also has a a net holding quantity he wants to maintain. He can achieve that by selling the shares outright..or selling a call that he expects to be exercised(upon expatriation he would keep the premium collected and also agree to sell 100 shares at that particular strike price(could be a little lower than the actual current strike price, but this would also be offset by the premium initially collected form the sale of the option))

snowmnag970 said:

---

oldarmy1 said:

---

SN calls sold. Giving a 30% further reduction in accumulated shares. Not selling any shares to "plant" holdings as net free. Just getting started.

---

What exactly do you mean? You are just selling shares to recover capital but not planning on exiting your position?

I'm up 25% already in two days...

---

Remember these 3 energy stocks were major accumulation long term trades for me. I have been selling some shares on spikes like today only to buy them back down at major support. For SN and CHK that was around the $2.85 mark. For SWN its been under $4.

I would rebuy sold shares each wave back to those levels. I also would buy options as they moved above that low range. I sell the options on every big % move (like today) and I would sell a % of the shares planning to buy them back on the wave move. Of the 3 stocks the only one I did sell shares of today was CHK. But I had a 18% disparity surplus on that one so it was simply a net cost cutting approach to my core holdings.

I am not selling any of them now or until they break to a new trend top. For SWN that would require $5.60 to sell 25%. SN and CHK $4. My next sell will then be $7 on all of them. That would be 70% leaving a remnant 10% that I would trade Call options against as many trips as I could until they get called out.

The above is pretty close to my approach on major accumulation of shares.

Sorry guys.

FriscoKid said:

---

Sorry guys.

---

You've been nails on resistance (I traded twice off of your analysis and profited) its just once that initial resistance level you'd been on broke it was a signal to flip to the long side.

Never a need to apologize for a trading thread post.

Housecleaning. CLF exited, PYPL options exiting on the open

GILD grrrrrr....still fighting the earnings versus positive HCV and NASH outlook. Looking across headlines you have wide speculation either direction. One called GILD a disaster while another says time to buy. Then Cramer weighed in saying GILD will be a big winner. Not much of a Cramer fan but he's right, just when?

Options out far enough on GILD to hang in there but any break on the support triggers stop loss.

GE.....getting close to revisiting resistance levels again. You can see that when it gapped up after earnings it had a huge volume day that took it all the way to that resistance mark but couldn't punch through. So, in very predictable fashion it ranged a couple of days and then fell back to fill that gap.

These are my favorite patterns because they are so pure. Buy on the gap fill day when coming off bottom because a stock almost certainly will work to retest the resistance. This allows you to trade an option to continue lowering your holding shares price.

My average accumulation share price for GE started at $14 (when posted) and continued into the $12's. I sold 25% on day after the earnings, when there was no follow through breaking that longer resistance mark. I bought options out to June 15th $15 Strikes on the gap fill day and will be selling those likely today.

All of this will take my average holding share price somewhere below $12.35/share. Nothing makes you sleep at night than having your major share position price BELOW major support lows.

At any rate - set your alarms for $15 and watch for that $15.33 to get taken out on volume for a continue of bottom up reversal confirmation. BTW - That $18 gap would be my next target on breakout trend. It's sitting their screaming to be filled and signal to the world that GE might not be the GE of old but billions of dollars still command attention of market share.

oldarmy1 said:

---

Housecleaning. CLF exited, PYPL options exiting on the open

GILD grrrrrr....still fighting the earnings versus positive HCV and NASH outlook. Looking across headlines you have wide speculation either direction. One called GILD a disaster while another says time to buy. Then Cramer weighed in saying GILD will be a big winner. Not much of a Cramer fan but he's right, just when?

Options out far enough on GILD to hang in there but any break on the support triggers stop loss.

---

GILD rejected early selling right on yesterdays lows and already hit slightly above yesterdays highs. Get some mojo going and let the options sing to me!!!

I'm riding shotgun with you. Although, my entry point was .20 cents higher than yours

AggiePeeps06 said:

---

I'm riding shotgun with you. Although, my entry point was .20 cents higher than yours

---

On GILD options?

GO GILD!

oldarmy1 said:

---

AggiePeeps06 said:

---

I'm riding shotgun with you. Although, my entry point was .20 cents higher than yours

---

On GILD options?

GO GILD!

---

I bought GLD and not GILD

GILD....boom sha-la-ka

Never gets old!

snowmnag970 said:

---

oldarmy1 said:

---

AggiePeeps06 said:

---

I'm riding shotgun with you. Although, my entry point was .20 cents higher than yours

---

On GILD options?

GO GILD!

---

I bought GLD and not GILD

---

You bought Gold Spider?! ROFL


Well that thing makes spotty and wild moves. It's at a short term resistance mark as I type.

Let me at least give you quick read on GLD technical. Here you see clearly that short term resistance. You are in it and if it breaks that you get a decent upward ride.

272.8 ceiling today?

(but don't take my word for it)

Yep!

oldarmy1 said:

---

snowmnag970 said:

---

oldarmy1 said:

---

AggiePeeps06 said:

---

I'm riding shotgun with you. Although, my entry point was .20 cents higher than yours

---

On GILD options?

GO GILD!

---

I bought GLD and not GILD

---

You bought Gold Spider?! ROFL


Well that thing makes spotty and wild moves. It's at a short term resistance mark as I type.

---

To be fair, I bought it A) Knowing what I was doing and B) bought it around trump announcing tariffs and the great trade war of 2018. Mainly as an inflation hedge.

Recently sold it though and bought into more black gold instead.

Sold roku puts strike 32 on 6/1 for $1.10
Sold twtr puts strike 31 on 6/1 for $0.68

I've recently been eyeing ROKU for a long term hold. Looks like strong support around $32. Strategy would be to buy a 3x desired long term position around $32, and then sell 2/3 when the ~$50 gap is filled. I'm not fancy enough to do options (yet anyways) but I'm sure there's some good plays to be had there.

59 South said:

---

I've recently been eyeing ROKU for a long term hold. Looks like strong support around $32. Strategy would be to buy a 3x desired long term position around $32, and then sell 2/3 when the ~$50 gap is filled. I'm not fancy enough to do options (yet anyways) but I'm sure there's some good plays to be had there.

---

the options have high IV and therefore higher premiums. I sell puts when the stock takes a turn south. Wait for a turn north or time decay and collect a 50% winner. Repeat.

Ragoo said:

---

Sold roku puts strike 32 on 6/1 for $1.10
Sold twtr puts strike 31 on 6/1 for $0.68

---

the roku puts actually filled at 1.24 credit

My read on the market from a short term trader view is that this pull back occurring on a Friday is not the top of a wave cycle back down approaching lows. I see it as the signal has been flashed of a move higher and this is that pause that comes.

Therefore I'm not moving out of anything, although I wish I had taken 50% of the GILD calls on that nice pop to premium. I was in meetings or would have on seeing the volume cap come in on macro markets for the day. Then I would have been buying them back now for twice the trip fun.

CHK reached Feb 23rd spike high. This is where I close out the Call options as previously discussed. Holding all shares even though potential for some pull back in play.

nice little head an shoulder on the indexes.

I was off by 0.35 on the SPY (hope I am forgiven for my brain fart yesterday)

GILD! Woah.....talk about rebounding! Get in

GILD was impacted by Trump's speech. See comments below if in it.

What are you looking at? 6/15, 67.5 strike?

oldarmy1 said:

---

That is a pure buy signal on GILD folks.

---

OK - This crazy vertical move is based on Trump's talk on prescriptions. It took Gilead from negative back to days highs in less than 5 minutes. Now that I see what created the spike I am taking advantage uin selling 50% of the calls here at highs since its Friday.

It could break and run or resistance could hold. I wanted to sell 50% on the move this morning so not looking a gift horse in the mouth with the 50% sale. It likely continues to move higher with the volume it took to get back to days highs.

gotcha...thanks

are you buying puts or selling calls on DKS?