Ukraine Gas Expert said:

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The SYP calls based off of foggy's guess for the 378 dip to 390 run. You said they would be good I believe

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Oh ok no worries.

Based on the daily charts and the overall trend I went for March 19 400 calls on SPY. Average of .60 at the end of the day. It doesn't take much movement this week for those to be green and if this moves quick back to the 390 range before weeks end they will be a double at least. Gets a lot richer above that over the next 4 to 5 days above 390.

Then there are 2 weeks remaining but will begin to decay without movement here.

As I write this SPY is at 379.48 and Qs are at 307.07

Yikes

Thanks for explaining. So you buy them, and the sell them back?

Ukraine Gas Expert said:

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Thanks for explaining. So you buy them, and the sell them back?

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Watching the first 20+ minutes of this video was insanely helpful to me when I was starting to get into options. Never mind the fact that he's using Robinhood. The fundamental concepts are the same.

So, is everyone all bearish now?

tsuag10 said:

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Ukraine Gas Expert said:

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Thanks for explaining. So you buy them, and the sell them back?

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Watching the first 20+ minutes of this video was insanely helpful to me when I was starting to get into options. Never mind the fact that he's using Robinhood. The fundamental concepts are the same.

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He posts a few videos I think showing the different platforms. I at least saw a Webull one as well when I glanced at his page

Agreed. Our high water mark will be in H1.

Ukraine Gas Expert said:

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Thanks for explaining. So you buy them, and the sell them back?

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Yes these are just regular plain vanilla options trades. Calls and Puts. In this case calls. Given they are 3/19 calls and not 3/5 I have some time on my side. If these were 3/5 type calls there is little room for error.

With the intraday volatility I have been scalping SPY & Qs (mostly focusing on SPY) calls and puts both directions for cash flow trades. I would caution though these can often be quick trades and can go for or against you quick if intraday volatility is moving.

This isn't what my normal style of trading is but can be a lot of fun. I generally don't do many day trades but this happens to be ripe and within my wheel house.

There are a few on this forum that are much better at quick intraday scalps than I am. I am becoming better at being patient with winners and less patient with losers leaving too much on the table at times. I hope to keep improving my system to use it when the opportunities exist.

Yeesh, I just looked at CLOV for the first time in a couple weeks. Thinking we may see 6ish at some point before a rebound.

Thanks I'll check it out.

Mostly Foggy Recollection said:

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Yeesh, I just looked at CLOV for the first time in a couple weeks. Thinking we may see 6ish at some point before a rebound.

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Does feel that way. My question is other than hold on long term and watch the bleeding, and try and sell CCs on the rare occasional bump, is there any other strategy on this kamakazi stock? When would we expect to begin to see rebound and and a long term upward slope beginning?

Obviously the April deadline for action on the CALs needs to pass, and then earnings report is early June. So is there a chance at a major run in May? Maybe back to the $14 support? The one concern I have seen raised was that 2020 ER showed a 46% growth YOY but I believe forecasted 2021 growth is about half that....

Any thoughts on VEON? They announced the deal with MasterCard, but then followed it up with less than stellar earnings. I know OA brought it to attention. It's been pretty stagnant.

TChaney said:

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Prophet00 said:

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Any thoughts on VEON? They announced the deal with MasterCard, but then followed it up with less than stellar earnings. I know OA brought it to attention. It's been pretty stagnant.

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I was thinking the same thing today, but "stagnant" in a market where there are all kinds of stocks bleeding deep in the red isn't such a bad thing.

I'm not sure if we should poke it with a stick or count our blessings.

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If someone pokes it with a stick, just make sure you don't nudge it the wrong way. And tell it to ignore the crowd flow around it.

I bought cheap march 19 calls yesterday and sold half and went net free today at the peak. It's trading really tight but still generally up. Gotta break up or down soon I think, but I'm not really one to read these things right.

Thinking about buying shares in MARA and selling calls when BTC gets back to 58k+.

FJ43 said:

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BREwmaster said:

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Aggie118 said:

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I apologize as I've been in the field a lot lately and haven't been able to keep up on here , to our resident experts, do we see this pull back continuing on into the foreseeable future or do you see it starting to get back to where it was a couple weeks ago? Thanks!

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no expert, but I think the best traders here I follow think 378 is certainly in play (then a quick rip to 390, maybe even by Friday).

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Today was the 8th day we basically tested the 50 day since 1/27. We actually closed just above it today so it will not surprise me at all to test 378.25 area as we have on 2/2 and 2/26. IF we bounce hard there and bulls get engaged I think we could fire up to 390.That happened on 3/1 in terms of overall range.

FWIW we are also close to -1 ATR at close. Hasn't stayed there long in a while.

Couple quicks views end of day.

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great post sir... Yeah trendline from March is 3800, below there for very long and it gets ugly.

Mvis got rekt today. Looks like some easy doubles in near the money march spreads

I'll look for some umph in selling some puts.

Ragoo said:

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Thinking about buying shares in MARA and selling calls when BTC gets back to 58k+.

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I am doing this as well. I bought shares almost a month ago, and then have been selling weekly cc. Tracking to see how much premium I can collect before going net free via cc.

I bought them between 38-39$, and current basis is $27-28 by selling 40$ Weekly calls.

MFR - Thanks for being so helpful. I am in CLOV shares deep. Would you recommend just cutting my losses tomorrow like a crazy gf tomorrow morning? I appreciate your insight.

Are you going in SPY 390 calls for next week since you think we may bounce?

Thanks again!

Ragoo said:

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Thinking about buying shares in MARA and selling calls when BTC gets back to 58k+.

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was just thinking the same. That and adding more GBTC.

it is interesting watching the strong bitcoin names go one way or sideways and the market go the other.

At this point, I wouldn't recommend dumping CLOV. It's kind of in no mans land.

As for SPY, I'm watching volume closely tomorrow to grab a direction. I believe we could see a nice bounce into the weekend. I do think 390 weeklies for next week could pay handsomely.

BREwmaster said:

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FJ43 said:

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BREwmaster said:

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Aggie118 said:

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I apologize as I've been in the field a lot lately and haven't been able to keep up on here , to our resident experts, do we see this pull back continuing on into the foreseeable future or do you see it starting to get back to where it was a couple weeks ago? Thanks!

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no expert, but I think the best traders here I follow think 378 is certainly in play (then a quick rip to 390, maybe even by Friday).

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Today was the 8th day we basically tested the 50 day since 1/27. We actually closed just above it today so it will not surprise me at all to test 378.25 area as we have on 2/2 and 2/26. IF we bounce hard there and bulls get engaged I think we could fire up to 390.That happened on 3/1 in terms of overall range.

FWIW we are also close to -1 ATR at close. Hasn't stayed there long in a while.

Couple quicks views end of day.

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great post sir... Yeah trendline from March is 3800, below there for very long and it gets ugly.

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When you step back and look at that overall trend it's really been pretty clean. Except....the last week. It's been a battle in this range also evidenced by the volume. Just a mess but I like to think consolidation before next breakout. At least that's my glass half full wish.

Someone will win.

Is NIO going to bust through $40 going the wrong way? Certainly looks like it... makes me wanna cry

ag94whoop said:

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Mostly Foggy Recollection said:

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Yeesh, I just looked at CLOV for the first time in a couple weeks. Thinking we may see 6ish at some point before a rebound.

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Does feel that way. My question is other than hold on long term and watch the bleeding, and try and sell CCs on the rare occasional bump, is there any other strategy on this kamakazi stock? When would we expect to begin to see rebound and and a long term upward slope beginning?

Obviously the April deadline for action on the CALs needs to pass, and then earnings report is early June. So is there a chance at a major run in May? Maybe back to the $14 support? The one concern I have seen raised was that 2020 ER showed a 46% growth YOY but I believe forecasted 2021 growth is about half that....

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Something you might consider if you've banked some gains this year or not. You can sell CLOV and take the hickey and gain the tax loss, but start the clock for when you can buy it back. I think CLOV will be 3X it's current price sometime this year but it's under tremendous pressure at the moment. If you sell for a loss, I think it will still be below the $14/shr in 31 days that is your current cost basis. This way you can pocket a loss for tax purposes, I know it sucks, but you'll be able to offset your gains dollar for dollar. I've done this on positions before. JMO.

Fight for 3800 right now

We may test 3780 overnight