The Official Options Thread

[ajlaxmn]

OPEX this week, PPI, CPI.

Bottom 4550 (break 4540), Support 4570 & 4590, Key Level 4600, Resistance 4625, Top 4645


SPY 460.75 Reject, 464.6 Reject
SPY 453.6 Bounce

[Blazed]

Not seeing anything I like. With FOMC Wednesday we'll see how the market moves today.


SPX: Key level of 4600 and ATRs are pretty much all I'm watching today.


Ranges I'll watch: Top: 4640 Bottom: 4560

Originally Posted by Josh611

Bought some lotto LAZR $2.50 Jan 5 calls for $0.20

This thing has been crushed. I don’t think people can possibly sell this thing for a loss anymore lol.

One bit of news or a few positive market days for junk stocks and this thing can get to $3.50 in a minute. 30% short float.

I missed this Friday, looks good for a lotto as we're at the bottom range on weekly. Thanks!

[Blazed]

Originally Posted by Blazed

Market is in a tricky spot right now so sizing down today.


SPX: top 4600 (resistance 4595) / bottom 4520 / key level 4550 (4545 support) + ATR's


Watching:

SPY: bounce @ 453.4 and 460-462 area reject

BABA: getting close to my entry @ 70


NFP tomorrow so might range today. Will wait 15 mins at least to take a trade unless 4550 is hit. Don't force and wait for the trades to come to you.

Calling it a day here. Might come back for power hour and see where we're at. Not looking to scalp and markets too choppy right now.


Only 2 trades I've taken so far.

BABA: getting close to my entry @ 70✅ - Filled 2k shares at my PT. Sold $70 puts 20 cons @ 9.50 for 1/17/25 for a $19k gain





Filled some LAZR on smaller acct. - contracts were the same price so I went a little further out. Alert set on options contracts @ +50% to see where we're at. No stops as option contracts spread gets wide at times, don't need any false stop outs.

Lets see how this plays out

[Blazed]

Should be an interesting day today after that data drop.

After that data drop not expecting any rate cuts anytime soon.


SPX: No levels today. Only watching whole psych #'s and ATR's today.

4615 key level - break below > 4600 is where I'll watch for a bounce.


Watching:

N/A


Only trading strong signals today. Could be choppy today since tomorrow is FOMC. So no need to force anything or rush a trade. Let the trades come to you and have a plan before you get in.

[Blazed]

Originally Posted by Blazed

Should be an interesting day today after that data drop.

After that data drop not expecting any rate cuts anytime soon.


SPX: No levels today. Only watching whole psych #'s and ATR's today.

4615 key level - break below > 4600 is where I'll watch for a bounce.


Watching:

N/A


Only trading strong signals today. Could be choppy today since tomorrow is FOMC. So no need to force anything or rush a trade. Let the trades come to you and have a plan before you get in.

Entered @ retest of ATR and trimmed @ last close ATR. Simple level to level trading.

Looking for 4630/35 area for my runners.

[Blazed]

Originally Posted by Blazed

Entered @ retest of ATR and trimmed @ last close ATR. Simple level to level trading.

Looking for 4630/35 area for my runners.

Looking for 4630/35 area for my runners✅- hit my price target all out here.


Gains off this trade $9.6k


Satisfied with the gains so calling it a day here.







Tomorrow is PPI & FOMC and Thursday is jobs and retail sales.

[ajlaxmn]

No trades today, away from home, same for tomorrow and Thursday, won't trade Friday as its OPEX, no real point for me to do so. I will follow. Back at it next week though.

[Blazed]

FOMC today so not really watching anything prior. Mainly watching for bounces. That could change after opening bell though.


SPX: 4638 bounce area for calls is pretty much all I see.



Watching:

462-462.5 area bounce for calls


Simple watches today. Break below those levels I'll watch for confirmation of puts.

[Blazed]

Market liked the rate decision.

Powell in 30. Just watching now, will trade when Powell speaks. I don't have any clear rejects for SPY until 470.


SPX: Only watching whole psych #'s and ATR's.


Not smart to trade this if small/new to trading. Should be fun. Lets see

[Blazed]

Originally Posted by Blazed

Filled some LAZR on smaller acct. - contracts were the same price so I went a little further out. Alert set on options contracts @ +50% to see where we're at. No stops as option contracts spread gets wide at times, don't need any false stop outs.

Lets see how this plays out

Just checked these, calls are ITM and up almost 100%. Spreads still wide, no trims or stops yet. I want $3 - $3.18 then > $3.30. Looks doable.





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Just hit 470 in SPY and 4709 on SPX. Testing light puts here.

[Blazed]

Originally Posted by Blazed

Market liked the rate decision.

Powell in 30. Just watching now, will trade when Powell speaks. I don't have any clear rejects for SPY until 470.


SPX: Only watching whole psych #'s and ATR's.


Not smart to trade this if small/new to trading. Should be fun. Lets see

Originally Posted by Blazed

Just checked these, calls are ITM and up almost 100%. Spreads still wide, no trims or stops yet. I want $3 - $3.18 then > $3.30. Looks doable.





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Just hit 470 in SPY and 4709 on SPX. Testing light puts here.

I don't have any clear rejects for SPY until 470✅

Just hit 470 in SPY and 4709 on SPX. Testing light puts here✅

Bang. 26 point drop to ATR level. Grabbed 4710 puts and exited @ 4683.

Calling it a day here. $8.4k off the FOMC trade. Back at it tomorrow.




Volume - could see sellers stepping in when we hit a solid resistance level.






---------------------------------------------


I didn't take calls, but if you did it gave a nice bounce back up to 4700.





Back at it tomorrow.

[ajlaxmn]

Originally Posted by Blazed

I don't have any clear rejects for SPY until 470✅

Just hit 470 in SPY and 4709 on SPX. Testing light puts here✅

Bang. 26 point drop to ATR level. Grabbed 4710 puts and exited @ 4683.

Calling it a day here. $8.4k off the FOMC trade. Back at it tomorrow.




Volume - could see sellers stepping in when we hit a solid resistance level.






---------------------------------------------


I didn't take calls, but if you did it gave a nice bounce back up to 4700.





Back at it tomorrow.

Blaze did you have any intention on taking calls after the rate decision or were you solely looking at 4700 for Puts or Puts in general at a level factoring in what Powell might say?

[Blazed]

Originally Posted by ajlaxmn

Blaze did you have any intention on taking calls after the rate decision or were you solely looking at 4700 for Puts or Puts in general at a level factoring in what Powell might say?

I did, but the big move happened too fast and we didn't get a pull back after for a call entry - it just melted up to the reject level. So I just waited for my reject to hit and took puts. Wasn't too concerned with what Powell said, because if he would have tanked the market I would have waited for my bounce level to hit.

Market can only range so much per day, so he could have said next meeting they will cut rates .50bps and major reject areas would still play out.

[ajlaxmn]

Originally Posted by Blazed

I did, but the big move happened too fast and we didn't get a pull back after for a call entry - it just melted up to the reject level. So I just waited for my reject to hit and took puts. Wasn't too concerned with what Powell said, because if he would have tanked the market I would have waited for my bounce level to hit.

Market can only range so much per day, so he could have said next meeting they will cut rates .50bps and major reject areas would still play out.

Great info. something I need to keep in mind, the temptation to jump in, FOMO, on a big move is definitely not easy to fight sometimes. Again didn't trade today, but checked in when I got home around 3, what a move. I like your approach of the waiting for the trade, just waiting for puts. Awesome.

[Blazed]

OPEX tomorrow.


SPX: top 4750 (break above 4760) / bottom 4700 (break below 4695/90) / key level 4718 (GAP @ 4709.6) + ATR's


Watching:

SPY: bounce @ 469.7 area

TSLA: looking for an uptrend entry @ break above 242.5 or a better R/R a break above 244. Looking for a move to 275 > 300 (not today but through Dec)


Trade smart and let the trades come to you. Not really watching for rejects as of now. That could change intraday.

[Josh611]

Closed half of my LAZR calls for a 150% gain. Nice little trade there.

[Blazed]

Originally Posted by Blazed

Nice bounce on ES. Erased that whole drop off data. Should be an interesting day lol.

Could be another choppy day. Keeping an eye on VIX today.



SPX: top 4600 (break above 4610) / bottom 4530 (4550 support) / key level 4575 + ATR's




Watching:

SPY bounce @ 454.3

TSLA bounce @ 233 area

APPL @ 200 (sometime this month should hit) I will be selling 210 calls a year out against my shares

NVDA & AMZN short entry on watch


It's Friday, no need to force or rush anything.

APPL @ 200 (sometime this month should hit) I will be selling 210 calls a year out against my shares✅

AAPL hit 200 selling 15 -AAPL250117C215 contracts here for $23k.

[Blazed]

Originally Posted by Josh611

Closed half of my LAZR calls for a 150% gain. Nice little trade there.

Nice trade, thanks for sharing it!

[Blazed]

Originally Posted by Blazed

OPEX tomorrow.


SPX: top 4750 (break above 4760) / bottom 4700 (break below 4695/90) / key level 4718 (GAP @ 4709.6) + ATR's


Watching:

SPY: bounce @ 469.7 area

TSLA: looking for an uptrend entry @ break above 242.5 or a better R/R a break above 244. Looking for a move to 275 > 300 (not today but through Dec)


Trade smart and let the trades come to you. Not really watching for rejects as of now. That could change intraday.

TSLA: looking for an uptrend entry @ break above 242.5 or a better R/R a break above 244✅- worked out nice. Trimmed 3/4 here left some runners.

Up $2.9k off this trade.

Only trade I've taken so far. Waiting on SPX gap fill (4709.6) for calls with confirmation

[Blazed]

Step away for a while and come back to a sell off. The market should be real fun next year lol.

Originally Posted by Blazed

Dumb money (retail traders) will still continue to chase up here @ highs.

Dumb money (retail traders) will still continue to chase up here @ highs✅- they got smoked on that drop.


Erased the whole bounce and then some. I didn't catch this move down, would have been a nice trade.





OPEX should be fun tomorrow.

[ajlaxmn]

Originally Posted by Blazed

Step away for a while and come back to a sell off. The market should be real fun next year lol.





Dumb money (retail traders) will still continue to chase up here @ highs- they got smoked on that drop.


Erased the whole bounce and then some. I didn't catch this move down, would have been a nice trade.





OPEX should be fun tomorrow.

Do you expect it to be as choppy as it has been on past Apex? Or do you expect some good moves I’ll probably follow, but if it starts out chopping in the morning, I may just call it a day.


Sent from my iPhone using Tapatalk

[Blazed]

Originally Posted by ajlaxmn

Do you expect it to be as choppy as it has been on past Apex? Or do you expect some good moves I’ll probably follow, but if it starts out chopping in the morning, I may just call it a day.


Sent from my iPhone using Tapatalk

It's OPEX but also includes the December Futures expiration.

NEW YORK (Reuters) -Dealers squaring their books ahead of an options expiration that is set to be the largest on record for S&P 500-linked derivatives may be helping to tamp down swings in U.S. stocks, market participants said.

Some $5 trillion in U.S. stock options are set to expire on Friday, 80% in S&P 500-linked contracts - the largest such expiration in at least 20 years - according to Asym500 MRA Institutional, a unit of derivatives strategy and execution firm Macro Risk Advisors.

So based on that alone I'll play this OPEX as I do expect a nice move. I'll watch how the market moves as the AM options expire and go from there.

That said, I will be playing light size with profits from this week so if I take an L it won't be a big deal.

[Blazed]

Originally Posted by Blazed

TSLA: looking for an uptrend entry @ break above 242.5 or a better R/R a break above 244✅- worked out nice. Trimmed 3/4 here left some runners.

Up $2.9k off this trade.

Only trade I've taken so far. Waiting on SPX gap fill (4709.6) for calls with confirmation

All out of TSLA runners here. Not swinging anything into tomorrow. TSLA was the only trade I took as I missed the move down on SPX as well as the bounce @ 4697 ATR.

Still holding my full LAZR position as I think a break above 3.50 is doable.

Gains for the day $26.4k (Includes the $215 APPL calls I sold)

[Blazed]

Nice sell off for the AM expiration. OPEX + quad witching today.

SPX: key level 4730 (need to break and hold this to move higher). I'll also be watching SPX for a break below 4696 (support turned resistance) for a put entry.


Watching:

SPY: They front ran the bounce after the sell off premarket. So SPY bounce # yesterdays low I was watching is invalid now.

TSLA: watching for a 245-246 area bounce. Next week contracts.

Looking at the charts, higher time frames are looking for downside and lower time frames are looking for upside. No bias today, just take what the market gives.

[ajlaxmn]

Originally Posted by Blazed

Nice sell off for the AM expiration. OPEX + quad witching today.

SPX: key level 4730 (need to break and hold this to move higher). I'll also be watching SPX for a break below 4696 (support turned resistance) for a put entry.


Watching:

SPY: They front ran the bounce after the sell off premarket. So SPY bounce # yesterdays low I was watching is invalid now.

TSLA: watching for a 245-246 area bounce. Next week contracts.

Looking at the charts, higher time frames are looking for downside and lower time frames are looking for upside. No bias today, just take what the market gives.

I had 4720 for key level. Had SPY levels, yesterday high and premarket low, but not going to use either now. Going to play your 4730 and 4696 as my ONLY trades, either one hits with confirmation I take, they don't hit or their is no confirmation, no trade. Keeping it simple today.