AAPL back in the $112.XX AH. Probably reaction to the press release on big tech.

Esteban du Plantier said:

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Prognightmare said:

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wanderer said:

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10/16 calls update. Obviously a rough day with that afternoon dump.

Getting close to needing more time with some of these.

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I'm not in those and I didn't rec them so take this with a grain of salt. If this stalemate persists, the 10/16 expiry will not give enough time to hit those targets. JMO

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I sold some premium against mine in closer, some higher calls to offset.

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Newbie question, but what does it mean to "sell premium"?

Just wait, he's already started.

I would almost bet the farm on a trump pump tweet or 2 at this point. "almost"!

Ok did not see that...

Prognightmare said:

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Eddie Van Halen just died.

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One of my idols as a kid.

CrazyRichAggie said:

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Esteban du Plantier said:

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Prognightmare said:

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wanderer said:

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10/16 calls update. Obviously a rough day with that afternoon dump.

Getting close to needing more time with some of these.

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I'm not in those and I didn't rec them so take this with a grain of salt. If this stalemate persists, the 10/16 expiry will not give enough time to hit those targets. JMO

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I sold some premium against mine in closer, some higher calls to offset.

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Newbie question, but what does it mean to "sell premium"?

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I sold calls with closer expiration, expecting that they'll expire worthless and I can use that to offset the cost I paid on my longer duration calls.

You can call it a calendar spread, or poor man's covered call.

Works well when you buy long duration calls in low volatility and sell in high volatility, could potentially completely cover your long calls with sold premium.

My NOV GILD calls were $1.40 when I bought and I sold the weekly call for $1.05, so my net price on the package is $.35. If the close call expires worthless, then I'll still make money on the longer one.

FJ43 said:

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oldarmy1 said:

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What the heck did you guys do?'

I was in meetings and didn't get to pare back any trades.

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You left us to playin the sand box by ourselves. Mischievous when you're away.

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Free range parenting ftw!

fooz said:

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FJ43 said:

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oldarmy1 said:

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What the heck did you guys do?'

I was in meetings and didn't get to pare back any trades.

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You left us to playin the sand box by ourselves. Mischievous when you're away.

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Free range parenting ftw!

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We need some guidance on these 10/16 calls

OA - I read your tweet. Would you recommend using the AH to scrape some profit off of profitable positions and be in cash in the morning to some degree. Should there be more dip we are good and if not buy back in?

Tomorrow setting up to be ugly. Futures looking like 3300 magnet, the Trump COVID low.

oldarmy1 said:

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Soon as that tweet from Trump was sent on no deal to post election you should cut your active trades in half. I didn't get to so now we have to wait to see if this breaks the dam or if we retrace back up signaling all still technically sound

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So do you cut bait on all 10/16 calls if the retrace is still on? Do you roll them out 2 weeks?

What a day today.. My heart hurts.

Ah is not good so far

Only thing green on my board...PLTR shares and '21 Jan SPXS $6 calls. Sheesh.

Preparing for more pain tomorrow, might have to take an L on some short term stuff by week end but ready to re-tool if necessary. Or we get a decent retrace, and everyone breathes a little easier.

Definitely going for a run this evening to shake this one off though.

Yeah no kidding. I stepped away for about an hour to meet some folks for lunch. Checked my phone when we were signing the bill and everything was bright green. I make the 15 minute drive home and walked in the door with the TV still on Fox Business...bloodbath.

Really wish I had eaten lunch at home. Probably could have done some damage control.

NLS showing strength in this sell off
PTON hanging mostly too

now this is the kind of content I subscribe for

Feels like that some days.

BREwmaster said:

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FWIW, From a pro trader I trust a lot (probablly his mentor he's referring to):

A top trader believes the scrapping of the stimulus bill was not done in the blind. He believes the FED will increase stimulus and debt buybacks. The big dogs knew there was never going to be a stimulus bill before the election (not enough time) and the market will absorb todays news and bounce in the next couple of days. There is still huge amounts of cash with no where to get a return.

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On the daily, the SPX closed above the 21 period mean. We are still above Friday's close (and we are in a daily squeeze for those following at home). On the hourly, we went from +2 ATR to -2 ATR on a 21 period basis. That's a big freaking move.

I have no idea what the twitter pukes are saying, but I bet we see 3383 trade tomorrow. 3370 at a minimum.

ha! Irish - I was just going to post Adam's tweet. Perfectly timed tweet by POTUS and we fell sharply.

30k agree 110%. I bought calls on the dip today and 1 cheap otm put to hedge it. A lot of retail fintwit is beating the drum to short here (or already is short here). Big money will enjoy this little squeeze back up.