With my account size, 6 is pushing it. More than that would require me to start using stops or really have my alerts set up. As it is I monitor all my open positions actively and use alerts for potential set ups to enter.

To be clear, that's weekly option plays. Longer term, a little easier to handle. Still need to keep getting my account bigger too.

OA1 - Recently you were speculating on ZOM, but it's gone down quite a bit since then. How's your opinion on it changed? Thanks.

12thMan86 said:

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Ragoo said:

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I think I am only going to buy verticals from here on out. Profit is capped but risk is significantly reduced.

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I'll tell you what are fun are SPX verticals that expire the same day. They are lottos but work regularly in this violent market. On Friday I bought the 2850-2855 call vertical for .65 late in the day. It maxed out at 4.65. I've done these for the last month. Hit about 40%. When you can hit 40 percent and make anywhere from 5:1 to 9:1, it works. You have to be right on your direction of course. Theta decay works in your favor big time.

I agree I have started buying more verticals. The key is how far out you buy them.

Good luck!

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When you bought this how far otm were both these strikes?

You guys need to look at the stores that are open and busy right now- the local LULUlemon had 30 people waiting in line to go in both saturday and sunday when i went by.. Tiffany and co and Loius Vitton had 30 minute waits to get in. And then the Home Depot parking lot was absolutely packed . Lowes busy but not near the home depot crowd. Apple store still closed.

This tells me the lower end retail stores that are usually found in malls and frequented by those most affected by the covid job losses are going to have a long road back. High end brands- not so much.

Silver streakin tonight

IrishTxAggie said:

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Got a Powell pump on the futures.

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To use old school TexAgs terms: FTMF

McInnis 03 said:

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12thMan86 said:

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Ragoo said:

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I think I am only going to buy verticals from here on out. Profit is capped but risk is significantly reduced.

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I'll tell you what are fun are SPX verticals that expire the same day. They are lottos but work regularly in this violent market. On Friday I bought the 2850-2855 call vertical for .65 late in the day. It maxed out at 4.65. I've done these for the last month. Hit about 40%. When you can hit 40 percent and make anywhere from 5:1 to 9:1, it works. You have to be right on your direction of course. Theta decay works in your favor big time.

I agree I have started buying more verticals. The key is how far out you buy them.

Good luck!

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When you bought this how far otm were both these strikes?

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Market was at 2825Ish and it was around 1:45 I believe

2percent said:

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You guys need to look at the stores that are open and busy right now- the local LULUlemon had 30 people waiting in line to go in both saturday and sunday when i went by.. Tiffany and co and Loius Vitton had 30 minute waits to get in. And then the Home Depot parking lot was absolutely packed . Lowes busy but not near the home depot crowd. Apple store still closed.

This tells me the lower end retail stores that are usually found in malls and frequented by those most affected by the covid job losses are going to have a long road back. High end brands- not so much.

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Have to wonder if this is just pent up demand that will eb quickly and how much of it is fueled by the mailbox money people got a few weeks back.

While Home Depot is busy lumber orders are not looking good. Seems like a lot of people are doing little projects but not a lot of big work getting booked. Should still be decent for Home Depot but demand may start to fall quickly if home building or commercial building doesn't start back up.

Boat Shoes said:

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Question for the experienced traders; how many positions are you in at any given time? Im curious if people are in and out of only a few or holding 10-20+. Thanks!

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~50 but would like to trim it to 30 in the near future.

Have sold off about 1/4th or so of my total $ in the last month and will continue to move more and more to cash.

Is anyone getting on SRNE or CLVS this morning?

BB675 said:

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Is anyone getting on SRNE or CLVS this morning?

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Those trains derail too quickly for my taste, but who knows maybe this time it's real.

BB675 said:

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Is anyone getting on SRNE or CLVS this morning?

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Susan sold 90% at $10:25 exit. Said if it comes back to $8 she'd buy $10 calls out a June 19 instead of stock this time.

JPM and CAT call options will be rocking. I'm taking some of each off the table. We need to sustain the gains through any early natural consolidation and push above $290 SPY.

Will be time to start eyeing your longer SPY hedge entries. Will look at premiums for $270 June 19 or later and mid July $220's.

Will sell naked call premium if we can get to $295 area.

I sold my SPY shares close to $290 premarket since I have $289 calls. Love when that happens.

I can't load it but it's at CNBC.com.

Moderna's vaccine produced Covid antibodies in all 47 participants.

Hold onto your butts.

https://www.google.com/amp/s/www.barrons.com/amp/articles/moderna-coronavirus-vaccine-shows-postive-results-in-early-human-tests-what-comes-next-51589801723

That might explain the SPY rocking above 290 already...

If this keeps up that guys $2.4M $297 calls might score.

That SPY pattern is classic fighting by big money to get into a position.

Don't fight the fed and announcing news on a resistance barrier to plow through it.

i read the VIR also identified antibodies for covid. They are only up 10% PM.

Quote:

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Vir Biotechnology Identifies Antibody for Development of Potential COVID-19 Treatment
MT NEWSWIRES 6:29 AM ET 5/18/2020
Symbol
Last
Price ChangeVIR
30.35
0 (0%)
QUOTES AS OF 04:00:00 PM ET 05/15/2020
07:29 AM EDT, 05/18/2020 (MT Newswires) -- Vir Biotechnology(VIR) said Monday it has identified an antibody to be used for the development of a potential treatment for COVID-19.
The S309 antibody was taken from a patient who recovered from severe acute respiratory syndrome in 2003. The antibody has been shown to prevent SARS-CoV-2 live virus infection of cells.
The company, in collaboration with GlaxoSmithKline (GSK), said it currently has two clinical development candidates based on the S309 antibody.
VIR shares jumped 12% in recent pre-market activity on Monday.
Price: 34.00, Change: +3.65, Percent Change: +12.03

MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.

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That pattern is as close as a guarantee of higher move to come than anything you can get.

Crossing back over 2890 area fast. Time to be a bull again

Wow. Might exit all calls held over the weekend this morning. PINS TWTR and UBER are following the excitement.

TWTR finally broke $29.50 resistance. Get us over that $30 mark and it's another mega pay day.

We should test $295 area at this point.

oldarmy1 said:

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TWTR finally broke $29.50 resistance. Get us over that $30 mark and it's another mega pay day.

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If I want to set some sell orders to take some money off the table at the open on calls that expire later this week, what's the best way to calculate where they'll open? Not sure how to accurately capture the time decay over the weekend.

Boat Shoes said:

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oldarmy1 said:

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TWTR finally broke $29.50 resistance. Get us over that $30 mark and it's another mega pay day.

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If I want to set some sell orders to take some money off the table at the open on calls that expire later this week, what's the best way to calculate where they'll open? Not sure how to accurately capture the time decay over the weekend.

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Which strikes?

https://www.optionsprofitcalculator.com/

oldarmy1 said:

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Boat Shoes said:

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oldarmy1 said:

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TWTR finally broke $29.50 resistance. Get us over that $30 mark and it's another mega pay day.

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If I want to set some sell orders to take some money off the table at the open on calls that expire later this week, what's the best way to calculate where they'll open? Not sure how to accurately capture the time decay over the weekend.

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Which strikes?

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For one example, SPY May 20 $297C. Also TWTR May 29 $30C.