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I bought some SPY $270.5 weekly PUTs yesterday that have been having fun lately. +125% so far today

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  • That's why I'm out. There is no end game, IMO. This has to be fixed outside of the market and I got too nervous about what that entails for retail investors. They will always be last on the list, if o

  • Rusty Shackelford
    Rusty Shackelford

  • I'm not a financial advisor. This is not financial advise. I don't work in finance. I do not have a degree in finance. Actually, I have a BA and I'm bad at math past Cal I. I won't apologize for the l

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3 hours ago, jimmyjazz said:

Well, the chart I showed above starts in January 1995.  Every point on each moving average is the (exponentially-weighted) average of the closing price for the previous 121 days (green line) or 252 days (red line).  These correspond to 6 months of closing prices and 12 months of closing prices, respectively.  (Full disclosure:  I think I should have used 126 days, I must have fat-fingered it.  This won't significantly change the results.)

So, on January 1 1995 (if the market was open) it uses the previous 121 & 252 days of closing price data to calculate the 2 averages.  The next day, the first closing price in each moving average gets dropped and the closing price for January 2 1995 gets added, and the averages are recalculated.  So on and so forth up until the present day.

giphy.gif

8 minutes ago, Rusty Shackelford said:

Relax, we only have about 5 more months of steady losses until the lines cross.

So you're saying, continue to buy PUTs?

20 minutes ago, Captainant said:

So you're saying, continue to buy PUTs?

For what it's worth, the 20 & 50 day simple moving averages crossed a week ago.  Some people trade on that, which means downward price pressure (at least from them).

And, for what it's worth, we are essentially 10% off the all-time high (Sep 21).

13 minutes ago, jimmyjazz said:

And, for what it's worth, we are essentially 10% off the all-time high (Sep 21).

Yep, and MSFT & TSLA just crushed their earnings, and F beat as well (and hasn't in forever).  AMD about to report, AMZN tomorrow after the bell.  I believe we may have a short term bottom if AMD results are positive.  

So much for AMD.  Getting crushed for -17% AH after dropping 9% during the session.  Damnit.  

23 minutes ago, Trey3216 said:

Yep, and MSFT & TSLA just crushed their earnings, and F beat as well (and hasn't in forever).  AMD about to report, AMZN tomorrow after the bell.  I believe we may have a short term bottom if AMD results are positive.  

Seems no one cares.

I took some bites last week and will again tomorrow.

Blood on the streets......

 

1 minute ago, Rusty Shackelford said:

Bro, do you even After Hours?

No. 

Call me at 9:30 tomorrow.

So real talk here: should I sell some of my SPY 270.5 PUT weekly position to cover my buy-in and play with house money? Or should I just ride this correction to the bottom for another day?

What expiry did you buy?   Purchase price? 

Edited by Trey3216

Msft is our largest position and it crushed across the board after falling about 11 % in the last few weeks. Up 2% after hours.

10 minutes ago, Trey3216 said:

What expiry did you buy?   Purchase price? 

10/29 expiry @3.56. It's currently at $6.21. I don't see SPY doing really any better tomorrow as it's a post-earnings Thursday, and earnings weren't all that great, but I'm unsure if SPY will fall enough to beat decay

16 minutes ago, Captainant said:

10/29 expiry @3.56. It's currently at $6.21. I don't see SPY doing really any better tomorrow as it's a post-earnings Thursday, and earnings weren't all that great, but I'm unsure if SPY will fall enough to beat decay

Futures are pointing up tomorrow.  Ford, MSFT had really good earnings.  AMZN after the bell tomorrow and they are gonna blow out.   I think we saw some indications of short term capitulation selling today.   I’d sell them 30 minutes after the open or 30 minutes before lunch when the market is figuring out what it wants to do.   Then (if the market is flat or up) I’d look at buying the Oct 31 265 put and sell an equal # of 255’s or 260’s.   The 260’s would give you a 1.50 cost on the spread, but max gain of 3.50.  The 255’s would cost 2.46 with max gain of 7.54 

Edited by Trey3216

So much for AMD.  Getting crushed for -17% AH after dropping 9% during the session.  Damnit.  

Damn. Good time to buy I guess.

Ton of earnings before the bell tomorrow as well (TWTR, RTN, WM, CELG, LUV, VLO, and others) 

37 minutes ago, Captainant said:

10/29 expiry @3.56. It's currently at $6.21. I don't see SPY doing really any better tomorrow as it's a post-earnings Thursday, and earnings weren't all that great, but I'm unsure if SPY will fall enough to beat decay

I'd dump 'em, or roll down and out.  That's a nice profit.  Your hedge did its job.

At the very least, I'd look at the current position delta and compare it to what it was when you put the hedge on.  If you're overhedged, dump enough to get back to even.

I was tempted to sell my QQQ puts(11/16 expiry) right at market close, but decided to hold. In the words of legendary investment guru Carl Spackler...."I don't think the heavy stuff's going to come down for quite a while." Shit could get interesting in the next few weeks.

Wall Street finally catching up to what a terrible fucking idea a trade war mixed with inflationary tax cuts are.  (Those tariffs are going to ruin a lot of P&L's next year.) 

Boom!!  TWTR slaughtered earnings!  Shopify and Raytheon with big beats as well 

11 hours ago, Captainant said:

So real talk here: should I sell some of my SPY 270.5 PUT weekly position to cover my buy-in and play with house money? Or should I just ride this correction to the bottom for another day?

Ride it to the bottom.  I’m sure they will ring a bell to let you know we are there.

7 hours ago, David Dennison said:

That seems like a completely objective take.

What do you mean? Of course he’s talking his book. That’s the norm. I thought it was interesting contrarian take.   No CR  

I’d love to see the list of equities UTIMCO will be divesting from. If any other big investors follow suit, could cause some things to move. 

Edited by GRHorn

FWIW, Rickards has been saying the same things Bass said regarding China's situation and the USA's "Hand" in the trade issue for many months.  Bass isn't on an island with this view.

1 hour ago, GRHorn said:

What do you mean? Of course he’s talking his book. That’s the norm. I thought it was interesting contrarian take.   No CR  

I’d love to see the list of equities UTIMCO will be divesting from. If any other big investors follow suit, could cause some things to move. 

Bass made UT system buy gold at the top

he also has been betting against Japan for years. He doesn’t understand geopolitical aspects of macro economics 

3 minutes ago, happyfunball said:

Bass made UT system buy gold at the top

he also has been betting against Japan for years. He doesn’t understand geopolitical aspects of macro economics 

In this instance he is correct though.  It's akin to the argument "when China stops buying our debt" that so many uninformed people make.   


China can't afford to stop buying our debt, because if they did, they couldn't feed their burgeoning middle class and they'd completely lose control over their economic system.  That is a fact.  They want to play the bully pulpit in 7 different directions:  Hey we'll charge you tariffs, Well we won't charge you  tariffs but we'll leave the shit on the dock for 6 months so you don't get paid until we say it's cool, well we'll float peg our currency to make it seem stable even though it's actually worth about 50% less than what the market rate shows, and on and on and on. 

Meanwhile, they have a middle class that's growing about 50mm people per year or more.  These people want shit that we have.  So what does that mean?  They have to sell us more shit that we already have (and can't afford) so they can buy the shit that they want from us, or they can buy our debt and like it. 

Bass has been close to 0-fer since 2009. He would have been smart to retire after hitting on shorting sub prime debt. 

16 minutes ago, happyfunball said:

Bass made UT system buy gold at the top

UTIMCO bought gold in April 2011 at around $1500/toz.  It was roughly in the middle of the run up.  Gold topped out at ~$1900/toz before falling to where it is today.

Edited by bernorange

Getting crushed on GRUB. Stock has swung 40% downward from its high. Personally down about 15% on it.

4 minutes ago, Tailgate said:

AMZN on deck.

AMZN, GOOGL, INTC all after hours today.  AMZN and GOOGL alone could put a floor in this pullback.  

1 hour ago, bernorange said:

FWIW, Rickards has been saying the same things Bass said regarding China's situation and the USA's "Hand" in the trade issue for many months.  Bass isn't on an island with this view.

No not entirely but it’s outside the mainstream I would say. 

Another interesting point about the devaluation of their currency. Most pundits assumed that was intentional and meant to offset tariffs.  You’re starting to see the narrative switch to it being due to capital flight from China, which is not good for them. 

9 minutes ago, GRHorn said:

Weak bounce today, so far. 

Not bad.  Nasdaq up more than half of yesterday's loss with earnings from GOOGL, INTC and AMZN after market.  If they hit, we'll see the big rebound tomorrow. 

1 hour ago, Trey3216 said:

In this instance he is correct though.  It's akin to the argument "when China stops buying our debt" that so many uninformed people make.   


China can't afford to stop buying our debt, because if they did, they couldn't feed their burgeoning middle class and they'd completely lose control over their economic system.  That is a fact.  They want to play the bully pulpit in 7 different directions:  Hey we'll charge you tariffs, Well we won't charge you  tariffs but we'll leave the shit on the dock for 6 months so you don't get paid until we say it's cool, well we'll float peg our currency to make it seem stable even though it's actually worth about 50% less than what the market rate shows, and on and on and on. 

Meanwhile, they have a middle class that's growing about 50mm people per year or more.  These people want shit that we have.  So what does that mean?  They have to sell us more shit that we already have (and can't afford) so they can buy the shit that they want from us, or they can buy our debt and like it. 

Disagree. PM sent why

27 minutes ago, Washpark said:

Disagree. PM sent why

fuck that - tell us all!

we demand to be on the inside ... we will wait an hour before negging your post

2 hours ago, bernorange said:

UTIMCO bought gold in April 2011 at around $1500/toz.  It was roughly in the middle of the run up.  Gold topped out at ~$1900/toz before falling to where it is today.

You, Kyle, and Sushihorn are probably still shorting netflix

20 hours ago, Incredulity said:

Seems no one cares.

I took some bites last week and will again tomorrow.

Blood on the streets......

 

I'm using up days, like today, to get better entry points for some puts

plays out right, that gives me more capital to buy when the blood is deep ...

16 minutes ago, Wally Fairway said:

I'm using up days, like today, to get better entry points for some puts

plays out right, that gives me more capital to buy when the blood is deep ...

I'm actually playing the flipside, looking for cheap calls where the stock is near the bottom resistance and likely to move up. Really just swing trading for shits and giggles though since I've pulled out my tiny portfolio into cash lol

I just wish I had time to sell premium regardless of direction right now, because there’s a lot to be had and I think we’ll be trading in a tighter range at some point in the near future.

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