TLRA earnings this morning

Whelp. Hopefully those spxs calls can hold me up

true I think - even though he has zero shot at beating Trump

Never discount voter fraud by dems in the battleground states. It's Going to happen.

Now look guys. There will be no time to talk through every move you should make if you had the SPY puts.

You should have already bought shares against them to lock in profits. When markets op n and you are free to trade the options I nearly always sell half of the puts I did not buy shares against IF WE ARE MOVING up into the open.

But the second you sell the $332's (or whatever) you immediately buy the much cheaper $325's enough of to protect your SPY position. If a retest comes close to $325 you sell all $332 Puts and use the $325 Puts as your new hedge on your SPY positions. You want the retest to hold and then you get to make a bunch more money on the Shares since the $332 puts aren't modulating a set gain any longer.

This is advanced tactics that have been posted before.

If you want to go conservative you could buy the $326 puts and if retest sell all the $332's and turn around and sell a $330 covered call for probably $3-4

If we get a v recovery you'll leave a lot of money on the table. But if markets fail further the $326 puts eliminate any losses and you pocket the call premiums as a bonus.

Also, for folks like me who do their trading behind an IRA where puts have to be covered, you can use VXX calls as your hedge (amongst other things; I prefer VXX due to high volumes).

deadbq03 said:

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Also, for folks like me who do their trading behind an IRA where puts have to be covered, you can use VXX calls as your hedge (amongst other things; I prefer VXX due to high volumes).

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Excellent point!

ROKU $112.97

Flash could be $105 area if a further flash sell off on markets with v recovery. Once below $110 I'd buy the weekly $115's and get more aggressive the closer to $105.

GILD up $3.28. Yes!

What we buying today??

We'll have time after today unfolds to discuss setups. We get a bounce recovery it's important to remember we will get a likely retest, so our focus is around hedge or just straight Put openings presented.

If MSFT gets down to $165 I'm going to buy more. They are my workhorse.

claym711 said:

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Will depend on first few mins of the open, but setting up for a nice intraday bounce. Keep in mind though that week 5 of months are the best for shorts, worst for longs.

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Update on this.

Gap moved deep enough where short performance is far superior.

If there's a pop at open, roughly 27% chance a long ends the day in profit, though range will be wide and can still make money long, I won't be holding if long. Hard drop at open, short performance is off the charts good.

Only 48 gaps of relatively similar size in the past 10 years so not much history on this kind of gap action. Most similar setups are coming out of 2009 and 2011, something to note.

But as said a few weeks ago, expected further down after that drop near Jan end, and still expect it.

TheBiggerEvent said:

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What we buying today??

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Msft, aapl, goog, and enph for me so far!

What would be your strategy on covered calls that were set in place last week that expire 2/28?
a) buy them back at open and sell lower strike price covered calls
b) buy them back at open and wait for a bounce to sell again
c) do nothing
d) other?

Thanks!

if we didn't get our hedges in friday, are we just sitting on sidelines and ready to be buyers tomorrow

-89 on S&P right now, this thing still wants to go further.

oldarmy1 said:

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GILD up $3.28. Yes!

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Quote:

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Shares of Gilead Sciences (GILD) - Get Report were rising after the World Health Organization said the drugmaker's antiviral remdesivir may be effective against the coronavirus.

The comments, which were reported by CNBC, came in a press conference at which the organization lauded the Chinese government for the measures it took to stem the spread of the virus. When identifying any drugs that could potentially combat the disease, WHO named the drug from Gilead Sciences.

Remdesivir is an investigational antiviral that hasn't yet been approved anywhere globally for any use.

However, Gilead Sciences has been working with global health officials in responding to the coronavirus outbreak and officials have been experimenting with remdesivir. Numerous health organizations have participated in the trials including the U.S. Food and Drug Administration, Centers for Disease Control and Prevention, Department of Health and Human Services, National Institute of Allergies and Infection Diseases, Department of Defense, the China CDC and the World Health Organization.

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Prognightmare said:

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oldarmy1 said:

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GILD up $3.28. Yes!

---

Quote:

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Shares of Gilead Sciences (GILD) - Get Report were rising after the World Health Organization said the drugmaker's antiviral remdesivir may be effective against the coronavirus.

The comments, which were reported by CNBC, came in a press conference at which the organization lauded the Chinese government for the measures it took to stem the spread of the virus. When identifying any drugs that could potentially combat the disease, WHO named the drug from Gilead Sciences.

Remdesivir is an investigational antiviral that hasn't yet been approved anywhere globally for any use.

However, Gilead Sciences has been working with global health officials in responding to the coronavirus outbreak and officials have been experimenting with remdesivir. Numerous health organizations have participated in the trials including the U.S. Food and Drug Administration, Centers for Disease Control and Prevention, Department of Health and Human Services, National Institute of Allergies and Infection Diseases, Department of Defense, the China CDC and the World Health Organization.

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Up to $75. Time to retweet that one

This will help my boat stay above water

CNBC has been talking about Gilead and their drug all morning and still are.

kylewhitener said:

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What would be your strategy on covered calls that were set in place last week that expire 2/28?
a) buy them back at open and sell lower strike price covered calls
b) buy them back at open and wait for a bounce to sell again
c) do nothing
d) other?

Thanks!

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You definitely want to use the opportunity to buy back any calls you think would be captured in a V bottom move. If above last resistance top then leave them to decay and die. If you buy back then give markets a little time to see if we hit a support move of any significance and then you can move out further and a little closer to current price (try to be no lower than entry price) and renter covered calls. Unless your in a strong name like ROKU this is how I'd play it.

Steady buying the dip for some long plays....

1. FB - election year. Trump's team says they will spend $1 Billion on Facebook ads this year.
2. XOM and VLO - stocks with huge free cash flows and what will now be greater than 5% dividend yields.

At this gap size it's historic event back through 2009. Not enough data to make a high odds play.

S&P opening down 100
DJIA down 900
Nasdaq down 300+

if ROKU can hold 109, I'll predict based on Fib levels, that's where it will bounce. If it can't, then next level is 100.03.

Missed my shot on GILD as my $72.5 calls expired Friday. Think we pull back some here or should we go ahead and jump on the March $75?

I tried tried tried to run the ROKU strategy OA posted, but I kept having to chase the damn option price and missed the ride back up to nearly 115.

OK SPY trade and ROKU executed EXACTLY as prescribed. Sold the Puts and then as SPY rose rest lower Puts and SPY making money.

ROKU came under $110 as indicated and gave perfect open.

Is Robinhood weird for others today or just me? It shows account value fluctuating wildly.