$30,000 Millionaire said:

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We could spend hours debating the merits and dangers of options. They are not for the unskilled. My concern for many on this board is that they only understand long calls and long puts, which work in a trending market. In a neutral market, you have to understand collars, iron condors, calendars, butterflies, back ratios, etc.

All of that said, it's pretty hard to lose selling covered calls (you may give up upside), and it's pretty hard to lose selling puts in a stock you are willing to buy anyway at current prices.

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I've realized I only have time to do the 2nd paragraph this year and it's worked well. I'm sure it's limited my upside (also going net free has capped some upside), but it's kept me solidly green both in terms of realized gains and overall account value. It was higher when IWM was rocking and I'm obviously hurting on some of the stocks that are regularly talked about, but it helps bring in $$ when I'm otherwise red. Good strategy for those of us inundated with real work now

Pairs trade update:$SPY 19NOV21 377P = $4.38$VIX 17NOV21 25C = $3.9

1 Day Gain: $3.68M

**Trade is still open** https://t.co/EPVr1MBKg7

— Theta Warrior (@ThetaWarrior) August 18, 2021

the gain is one thing, but "trade is still open". that's interesting, dang.

How crazy is Sept 24 VIX?

Re: Options
I'm still learning as well
question:
Can a broker assign you shares of a stock prior to your option expiration?

considering trying some verticals/ butterflys on some of the higher priced stocks
like MRNA for example
It would be a problem if I was assigned 10 contracts

If you sell options then you can be assigned early. It rarely happens, since they are much more likely to simply sell the option for profit if there is still time remaining (and typically some remaining premium). I have been prematurely assigned. Scared the **** out of me the first time I opened my account and I was short 300 shares of GME.

Mornun...

Well......



Buckle up boys feels like a date with the 50EMA on SPY & Qs....

SPY watching to see if we arrive around 433.65...ish. 430.05 below that.
Qs will we see 357.60...ish. 353.72 below that.
IWM looking for the 200EMA around 209.83....207.20ish needs to hold IMO.

A touch, hold and bounce at the 50 is a good thing. Could be a healthy small pullback and recharge. Opex week. Look at the charts....we were due for this about now.


Stay calm, kick back and let's watch it all play out.

Oh...congrats to all those that played this to the downside. You're getting paid today.



Trade wisely!

Would have been sweet to have held onto those 50 SPY $443P contracts I grabbed Monday morning but profit is profit.

I wish I'd had the cash in my account to follow OA1's VIX call last week

mazag08 said:

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I think we might be looking between SPX 4175 and 4270 with 4200 seeming like a solid landing point.

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Curious where/how you targeted these numbers? 5%+ correction in process at the moment?

Unless we are seeing a larger correction right now, I don't see much below between 4349-4325...ish. 4285 below that.

Anything further and you are approaching the 100EMA which we haven't seen since 10/20. Approx 4236 is the 100EMA. Of course anything is possible.....

Would like to learn what you are seeing to add tools to my belt.

"Bicycle" update from yesterday close chart.

Bicycle = ES

Will we repeat?

Hmmm that doesn't sound bullish

TOYOTA EXECUTIVE SAYS TO CUT GLOBAL PRODUCTION IN SEPTEMBER BY AROUND 40% FROM EARLIER PLAN

TOYOTA EXECUTIVE SAYS ALSO SUSPENDING PRODUCTION AT SOME OVERSEAS PLANTS

— *Walter Bloomberg (@DeItaone) August 19, 2021

SPX view.....

VIX

Interesting spot where it is 'trapped' at the moment.....

Will be interesting to watch today.

$JNPR Sept 17 $29 calls on any weakness during first hour.

— 2021 Opportunity Stocks Knock (@oldarmy1) August 19, 2021

Huh

*Amazon Plans to Open Large Retail Locations Akin to Department Stores, Sources Say

*Amazon Stores to Be About 30,000 Square Feet, Sources Say

*Amazon's First Locations to Be in California, Ohio, Sources Say$AMZN

— *Walter Bloomberg (@DeItaone) August 19, 2021

Tomas Hermensa said:

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If you sell options then you can be assigned early. It rarely happens, since they are much more likely to simply sell the option for profit if there is still time remaining (and typically some remaining premium). I have been prematurely assigned. Scared the **** out of me the first time I opened my account and I was short 300 shares of GME.

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so, for example..
if you're holding a vertical spread
and 1 leg is 'exercised'
you then exercise the other leg... and therefore, you're protected?

Have you not gotten the Amazon Christmas catalog? Dead serious, have gotten them the last 2 years i think

Our kids look forward to the Christmas wish list catalog from Amazon every year

Sounds like Bezos Claus is a busy man in December

jimmo said:

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Tomas Hermensa said:

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If you sell options then you can be assigned early. It rarely happens, since they are much more likely to simply sell the option for profit if there is still time remaining (and typically some remaining premium). I have been prematurely assigned. Scared the **** out of me the first time I opened my account and I was short 300 shares of GME.

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so, for example..
if you're holding a vertical spread
and 1 leg is 'exercised'
you then exercise the other leg... and therefore, you're protected?

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That's right. Ultimately you're still protected, however it could cause account balance issues. Also for some brokers you may have to call to get the other kegs exercised early if you can't sell them, for instance if it's afterhours or if it's a low-liquidity stock.

U.S. weekly jobless claims total 348,000 vs. 365,000 estimate

Yes that's a bit confusing. Did he get back in puts after a run up or at different strikes? Also is OA really Dave South?

wanderer said:

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Aug 17:

Taking last $SPY Sept 17 puts entered off the table here.

— 2021 Opportunity Stocks Knock (@oldarmy1) August 17, 2021

Today:

Selling 80% of Sept $SPY puts for buckets of cash! Woot

— 2021 Opportunity Stocks Knock (@oldarmy1) August 19, 2021

What gives?

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I read it as the last batch bought he unloaded?

thank you

Thoughts on MGNI here in the 23-24 range? Falling knife? It is back where the hedgefund hit piece tanked it.

Prognightmare said:

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historyrepeats said:

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Our kids look forward to the Christmas wish list catalog from Amazon every year

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Some of my fondest Christmas memories when I was little was circling toys I wanted from Santa in the huge Sear's Christmas catalog. Yes I'm that old.

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That was awesome. I could look at it for hours and hours.