Wow, what a busy week so far!
We've been day trading a lot so there's been a ton of activity and, of course, my call to take 25% of our callers off the table on Monday was followed by a note to members yesterday to do more of the same as I said:
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No sense in not stopping out of winning plays – lots of things to buy with cash! XXX
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- Today is a gift for repositioning more bullish. Able to buy out some callers a little lower than yesterday and chose new covers with care (although I still love the FXI puts).
All in all 53 positions have already come off the table, about the same as all of last week and it's only Tuesday. We're moving back towards cash as the market looks tricky and we've been playing for a pullback at 14,000 for over a week so it would be just lovely if it actually happens.
The gist of our strategy shift was to let more of our longer calls run naked by removing the covers (as discussed Monday) in case the market really wants to go to the moon, and shifting our downside protection more to the DIA and FXI index puts as we expect a nice, sharp pullback at some point. We've been chasing the FXI up over 2,000 points now but today was the first time I've left that put naked, previously we had sold $8 lower October calls against it to pay for the rolls…
We now have naked calls as 24 of 59 open positions in the STP along with 20 naked calls in the LTP and some in various other virtual portfolios, a huge shift from our heavily covered set going into the weekend. We will maintain normal stops on these, especially the Oct/Nov winning positions but they are very well protected by 700 DIA puts that we removed the covers on (those positions are our biggest losers) as well as a nice block of Jan FXI puts, now all the way at $185. There are only 200 QQQQ calls as a general upside play so we'll have to keep on our toes if the market flies up on us but the general play we're looking for is a nice dip that will test our levels (see this morning), hopefully followed by a rally to new highs.
The purpose of the index puts is not to make money, although that happens by accident sometimes. The index puts are there to give us time, in a dip, to calmly evaluate our open positions so we can decide, item by item, whether to Stop (take it off the table), Drop (drop our option to a lower strike) or Roll (move our calls to a lower strike or farther out in time).
Tomorrow should be very interesting, I can't believe it's only Tuesday!
|
Description |
Basis |
Open |
Sale Price |
Sold |
Gain/Loss |
% |
| 20 OCT 18.00 $VIX CALL (VIXJS) | 3,010.00 | 10/1 | $ 3,890 | 10/2 | $ 880 | 29% |
| 20 OCT 55.00 AMGN CALL (YAAJK) | 3,310.00 | 9/28 | $ 5,790 | 10/2 | $ 2,480 | 75% |
| 48 OCT 12.50 AUY CALL (AUYJV) | 730 | 8/3 | $ 2,390 | 10/2 | $ 1,660 | 227% |
| 36 OCT 12.50 AUY CALL (AUYJV) | 550 | 9/19 | $ 1,430 | 10/2 | $ 880 | 160% |
| 15 OCT 27.50 BMY CALL (BMYJY) | 2,410.00 | 9/24 | $ 2,165 | 10/2 | $ (245) | -10% |
| 20 OCT 45.00 C CALL (CJI) | 4,510.00 | 10/1 | $ 6,990 | 10/1 | $ 2,480 | 55% |
| 20 OCT 47.50 C CALL (CJW) | 1,210.00 | 9/24 | $ 2,890 | 10/1 | $ 1,680 | 139% |
| 80 OCT 80.00 CAT CALL (CATJP) | 12,010.00 | 9/10 | $ 13,990 | 10/2 | $ 1,980 | 17% |
| 20 OCT 75.00 CAT CALL (CATJO) | 9,010.00 | 9/24 | $ 10,690 | 10/2 | $ 1,680 | 19% |
| 5 OCT 80.00 CAT CALL (CATJP) | 760 | 9/28 | $ 840 | 10/2 | $ 80 | 11% |
| 40 OCT 45.00 CCJ CALL (CCJJI) | 4,010.00 | 8/31 | $ 190 | 10/2 | $ (3,820) | -95% |
| 20 OCT 35.00 CHK CALL (CHKJG) | 2,310.00 | 9/20 | $ 2,590 | 10/1 | $ 280 | 12% |
| 20 OCT 70.00 COF CALL (COFJN) | 2,310.00 | 9/21 | $ 2,990 | 10/1 | $ 680 | 29% |
| 10 OCT 47.50 COH CALL (COHJW) | 960 | 9/24 | $ 1,290 | 10/1 | $ 330 | 34% |
| 240 OCT 85.00 COP PUT (COPVQ) | 36,970.00 | 9/12 | $ 45,590 | 10/2 | $ 8,620 | 23% |
| 20 OCT 65.00 CROX CALL (CQJJM) | 7,810.00 | 9/25 | $ 6,790 | 10/2 | $ (1,020) | -13% |
| 200 OCT 139.00 DIA CALL (DAZJI) | 36,410.00 | 9/28 | $ 58,370 | 10/2 | $ 21,960 | 60% |
| 200 NOV 140.00 DIA PUT (DAZWJ) | 54,020.00 | 9/19 | $ 56,390 | 10/2 | $ 2,370 | 4% |
| 400 OCT 139.00 DIA PUT (DAZVI) | 42,810.00 | 10/1 | $ 56,790 | 10/2 | $ 13,980 | 33% |
| 200 OCT 140.00 DIA PUT (DAZVJ) | 27,010.00 | 10/1 | $ 33,980 | 10/2 | $ 6,970 | 26% |
| 300 OCT 139.00 DIA PUT (DAZVI) | 31,510.00 | 10/2 | $ 38,690 | 10/2 | $ 7,180 | 23% |
| 20 OCT 40.00 EBAY CALL (XBAJH) | 2,010.00 | 10/2 | $ 2,490 | 10/2 | $ 480 | 24% |
| 10 OCT 65.00 EDU CALL (EDUJM) | 2,910.00 | 9/25 | $ 2,490 | 10/2 | $ (420) | -14% |
| 40 OCT 115.00 FSLR CALL (QHBJC) | 55,210.00 | 9/12 | $ 55,190 | 10/1 | $ (20) | 0% |
| 25 NOV 180.00 FXI PUT (FVUWX) | 22,835.00 | 10/1 | $ 25,740 | 10/2 | $ 2,905 | 13% |
| 5 NOV 178.00 FXI PUT (FVUWV) | 5,345.00 | 9/28 | $ 4,690 | 10/1 | $ (655) | -12% |
| 15 NOV 178.00 FXI PUT (FVUWV) | 16,015.00 | 9/14 | $ 14,090 | 10/1 | $ (1,925) | -12% |
| 15 OCT 174.00 FXI PUT (FVUVR) | 5,635.00 | 9/27 | $ 8,285 | 10/1 | $ 2,650 | 47% |
| 20 OCT 45.00 GDX CALL (GDXJS) | 2,010.00 | 9/28 | $ 3,590 | 10/2 | $ 1,580 | 79% |
| 5 OCT 45.00 GDX CALL (GDXJS) | 510 | 9/24 | $ 640 | 10/2 | $ 130 | 26% |
| 20 OCT 25.00 GLW CALL (GLWJE) | 1,710.00 | 9/24 | $ 990 | 10/2 | $ (720) | -42% |
| 20 OCT 35.00 GM CALL (GMJG) | 3,810.00 | 9/28 | $ 6,490 | 10/2 | $ 2,680 | 70% |
| 10 OCT 560.00 GOOG CALL (GOPJZ) | 26,510.00 | 9/21 | $ 19,490 | 10/1 | $ (7,020) | -27% |
| 10 DEC 540.00 GOOG CALL (GOPLX) | 23,810.00 | 9/8 | $ 58,990 | 10/1 | $ 35,180 | 148% |
| 10 OCT 50.00 HPQ CALL (HPQJJ) | 1,360.00 | 9/29 | $ 1,790 | 10/1 | $ 430 | 32% |
| 10 OCT 65.00 JNJ CALL (JNJJM) | 1,510.00 | 9/21 | $ 1,290 | 10/2 | $ (220) | -15% |
| 10 OCT 45.00 JPM CALL (JPMJI) | 1,610.00 | 9/27 | $ 2,440 | 10/2 | $ 830 | 52% |
| 20 OCT 30.00 M CALL (MJF) | 7,010.00 | 9/6 | $ 4,590 | 10/1 | $ (2,420) | -35% |
| 40 OCT 45.00 NEM CALL (NEMJI) | 4,810.00 | 10/1 | $ 7,990 | 10/2 | $ 3,180 | 66% |
| 20 OCT 85.00 PCLN PUT (PUZVQ) | 8,410.00 | 9/12 | $ 3,590 | 10/2 | $ (4,820) | -57% |
| 20 OCT 175.00 PTR PUT (PTRVO) | 4,660.00 | 9/25 | $ 13,390 | 10/1 | $ 8,730 | 187% |
| 10 OCT 40.00 QCOM CALL (AAOJH) | 1,910.00 | 9/21 | $ 1,990 | 10/2 | $ 80 | 4% |
| 20 OCT 100.00 RIMM CALL (RULJT) | 9,510.00 | 10/1 | $ 12,790 | 10/2 | $ 3,280 | 35% |
| 20 OCT 100.00 RIMM CALL (RULJT) | 9,510.00 | 9/27 | $ 14,490 | 10/2 | $ 4,980 | 52% |
| 20 OCT 42.50 T CALL (TJV) | 1,210.00 | 9/24 | $ 2,090 | 10/2 | $ 880 | 73% |
| 30 OCT 42.50 T CALL (TJV) | 1,810.00 | 9/27 | $ 3,140 | 10/2 | $ 1,330 | 74% |
| 20 OCT 15.00 TASR CALL (QURJC) | 3,410.00 | 9/28 | $ 2,690 | 10/2 | $ (720) | -21% |
| 25 OCT 70.00 VLO PUT (ZPYVN) | 4,710.00 | 9/19 | $ 8,740 | 10/2 | $ 4,030 | 86% |
| 20 OCT 70.00 VLO CALL (ZPYJN) | 1,510.00 | 9/24 | $ 1,990 | 10/2 | $ 480 | 32% |
| 10 OCT 60.00 WFR CALL (WFRJL) | 3,010.00 | 9/21 | $ 2,490 | 10/2 | $ (520) | -17% |
| 200 OCT 75.00 XLE CALL (XBTJW) | 28,410.00 | 9/28 | $ 41,590 | 10/2 | $ 13,180 | 46% |
| 400 OCT 90.00 XOM PUT (XOMVR) | 30,010.00 | 10/1 | $ 41,990 | 10/2 | $ 11,980 | 40% |
| 100 OCT 90.00 XOM PUT (XOMVR) | 8,510.00 | 9/28 | $ 9,990 | 10/1 | $ 1,480 | 17% |
