anyone having issues with fidelity active trader pro?

I am guessing that the market is down leading into those numbers. What I am seeing is the GDP expectations being lowered dramatically from everyone. I have seen a few (including Goldman) go from negative single digits to -10% to -20% now.

Seems like the smart $ knows what is coming. Anyway, just an observation that I won't act on.

Shundere said:

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Quick question. I had bought some SPY Puts the other day. Looking to take the small profit and get out, but when I got to close the order, it says max loss is infinite. I don't feel like I have seen it say this before so am scared to submit. I am using TD

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Did you accidentally sell SPY calls or puts?

Shundere said:

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Quick question. I had bought some SPY Puts the other day. Looking to take the small profit and get out, but when I got to close the order, it says max loss is infinite. I don't feel like I have seen it say this before so am scared to submit. I am using TD

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Make sure you're doing "sell to close". I'm assuming you may have "sell to open" selected or something.

Every knee shall bow and every tongue shall confess

IMO the extreme volatility is going to be over for a bit. Algos are back on, elevating liquidity. I did the same. Massive structural change, turn off auto and internalize new data, then get back at it.

Shundere said:

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Quick question. I had bought some SPY Puts the other day. Looking to take the small profit and get out, but when I got to close the order, it says max loss is infinite. I don't feel like I have seen it say this before so am scared to submit. I am using TD

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If you have the long put in your portfolio, you want to "sell to close" that position.

Bought PENN at 11.50. Trying to buy more at 10.80

waiting until CVX is closer to 60 or preferably under to but in

McInnis 03 said:

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Shundere said:

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Quick question. I had bought some SPY Puts the other day. Looking to take the small profit and get out, but when I got to close the order, it says max loss is infinite. I don't feel like I have seen it say this before so am scared to submit. I am using TD

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If you have the long put in your portfolio, you want to "sell to close" that position.

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Are you sure they are PUTS? And, are you sure you BOUGHT them? B/c for any option that you buy CALL or PUT, the maximum loss is the premium you paid.

Now, if you were trying to SELL CALLS, you're theoretical max loss is "infinite" (and only if they were "uncovered" by another position, either shares of the underlying or other CALLS). And if you were trying to SELL PUTS, the actual maximum loss is the strike less the premium you collected, as the underlying can't be worth less nothing.

When I bought them, the max loss was what I paid for them. Now when i go to close the order, it says max loss and has a large number. Which scared me from submitting because I felt as if I had done something wrong in the first place.

Net is holding strong.

So theoretical question here...I sold covered calls a few weeks back and they will be called out Friday (pending something crazy), should I buy to close them for a loss and then roll them further out or should I just let them get called out and then if stock price comes down over coming weeks, rebuy as a long position?

When you bought them, did you do a "Buy to Open"? If you go to your order status and looked at the filled orders, it should tell you. If so, then you need to do 'Sell to Close".

gougler08 said:

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So theoretical question here...I sold covered calls a few weeks back and they will be called out Friday (pending something crazy), should I buy to close them for a loss and then roll them further out or should I just let them get called out and then if stock price comes down over coming weeks, rebuy as a long position?

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This all depends on your strategy. Perhaps your happy with the liquid infusion you'll get from being called. Perhaps you'd rather keep the stock and you need to take the loss to buy them back. This is all up to you and your strategy.

gougler08 said:

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So theoretical question here...I sold covered calls a few weeks back and they will be called out Friday (pending something crazy), should I buy to close them for a loss and then roll them further out or should I just let them get called out and then if stock price comes down over coming weeks, rebuy as a long position?

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That depends entirely on whether you're bullish long term or just want to milk premiums. I have a dark cloud over my head, so every time I've bought a call back at a loss, the underlying stock inevitably drops and I regret that choice. So I choose to just milk premiums and leave well enough alone.

That said, I've been experimenting with buying an OTM call on the same position I sell a covered call for. That way, if there's a ton of gain, my gains won't be limited by my strike price + CC premium.

Shundere said:

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When I bought them, the max loss was what I paid for them. Now when i go to close the order, it says max loss and has a large number. Which scared me from submitting because I felt as if I had done something wrong in the first place.

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Are you closing the actual position, or are you going through the "TRADES" page and then selecting the identical position to SELL? B/c if the latter, my guess would be that you have mixed up either the strike, the date, or both.

Thanks guys...this is what I was thinking as well so probably will just get called out and have the cash on hand for a retest (whether I buy that stock back or a different one, not sure yet)

gougler08 said:

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So theoretical question here...I sold covered calls a few weeks back and they will be called out Friday (pending something crazy), should I buy to close them for a loss and then roll them further out or should I just let them get called out and then if stock price comes down over coming weeks, rebuy as a long position?

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When you set up your call, you should set the option as "sell to open." Then you get your premium and you wait until the strike date. The person who purchase your call has until the strike date to exercise. Either he does and you make the profit of the premium plus the difference between your purchase price and the strike price, or he doesn't and you can sell another call for the next month.

Bocephus said:

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gougler08 said:

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So theoretical question here...I sold covered calls a few weeks back and they will be called out Friday (pending something crazy), should I buy to close them for a loss and then roll them further out or should I just let them get called out and then if stock price comes down over coming weeks, rebuy as a long position?

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When you set up your call, you should set the option as "sell to open." Then you get your premium and you wait until the strike date. The person who purchase your call has until the strike date to exercise. Either he does and you make the profit of the premium plus the difference between your purchase price and the strike price, or he doesn't and you can sell another call for the next month.

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Yeah I know how they work...was more around the strategy of should I "buy to close" early and take a loss since premiums are higher now, or just let it be exercised on Friday and then potentially rebuy the stock if it comes back down

Every knee shall bow and every tongue shall confess

Okay, now your post makes complete sense to me. My bad.

Bocephus said:

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Okay, now your post makes complete sense to me. My bad.

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No worries! Good to have confirmation that I'm doing things right as I'm still a relative noobie to many on here

gougler08 said:

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Thanks guys...this is what I was thinking as well so probably will just get called out and have the cash on hand for a retest (whether I buy that stock back or a different one, not sure yet)

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You could always turn around the next week and sell puts on the stock if you really like it and want to own it.

Yeah, let it be called out and reload. Check to make sure that you have to stay out of that stock for 30 days and then you'll get the tax benefit for the minor hickey.

IrishTxAggie said:

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zpack has generic, hydrochlorowhatever doesn't. If this holds water teva should get like 8 zillion orders, right? But it's down today and I'm buying calls. What am I missing?

Prognightmare said:

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Yeah, let it be called out and reload. Check to make sure that you have to stay out of that stock for 30 days and then you'll get the tax benefit for the minor hickey.

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Yeah I think best case would be that we retest after 30 days...but I'm highly doubtful that's the case. If we get down to the 220/230 SPY level soon I may rebuy even though I wouldn't get the loss due to the wash sale rule

OA - When should we re-enter WYNN?

Every knee shall bow and every tongue shall confess

HoustonAg_2009 said:

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OA - When should we re-enter WYNN?

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He's fishing today, not sure how in the forums he'll be. I want to say he loaded up at like 58, i'll search post history.

His stance two weeks ago. Mind you, things change...........

My initial buy in on WYNN was 55 a couple weeks ago. I never sold as its more of a long play for me, but if it dips in the 40s again ill be buying more

So I've put alerts on the following when they get near their last bottom points, any other good opportunities you guys are looking at?

PENN
DIS
RCL
BA
WYNN

McInnis 03 said:

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His stance two weeks ago. Mind you, things change...........

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You could sell April 45 puts for $2.75 right now if you're looking to enter long