The Official Options Thread

[Blazed]

Originally Posted by Blazed

No day trades today, had stuff going on at the house.

Started position with GOOGL and MSFT today.

Will do slow adds into tomorrow’s close.

Let see how this plays out.

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

Took 1 META 495 put just for fun.

I don't see a repeat of last earnings from them.

Could be wrong thought. We'll see.

Took 1 META 495 put just for fun.✅- I really hope this holds over night






Didn't really have an edge on META or I would have went heavier.

Back at it tomorrow.

[Blazed]

GDP dropped today

META down 70 points. I love it.

Huge market sell off between last night and this morning.


SPX: 5000 key level / 4930 bottom / 5050 top (gap @ 5047) + ATRs



Watching:

SPY bounce 498.2 & reject @ 502.1 (check hourly)

[Blazed]

Originally Posted by Blazed

Took 1 META 495 put just for fun.✅

Sold META puts @ open. Went from 25.50 > 77.10

Gain from this trade $5k

Originally Posted by Blazed

GDP dropped today

META down 70 points. I love it.

Huge market sell off between last night and this morning.


SPX: 5000 key level / 4930 bottom / 5050 top (gap @ 5047) + ATRs



Watching:

SPY bounce 498.2 & reject @ 502.1 (check hourly)

Watch 498.2. Could break below as things aren't looking good.

Same with 5000 SPX, if it breaks we have a nice drop down.

Tight stops.

[Blazed]

Watching 5000 here.

Looking for a reclaim

Or a break below and retest of resistance.

They could also chop around this level.

So I might pass on trading it and wait for a better setup.

Originally Posted by Blazed

MSFT/GOOG Thursday.

Will be playing puts on both right before close (high risk)

Originally Posted by Blazed

Started position with GOOGL and MSFT today.

Trimmed all but 2 runners on MSFT and GOOG.

Both free plays now.

MSFT puts went from 6.30 > 17.60

GOOG went from 3.95 > 8.43

Gains from today $16.7k

[Blazed]

Originally Posted by Blazed

Watching 5000 here.

Looking for a reclaim

Or a break below and retest of resistance.

They could also chop around this level.

So I might pass on trading it and wait for a better setup.

Watching 5000 here.✅- took a while but waited patiently for a break above and retest of 5000.

Love the break above & retest setups.

Volume showed buyers stepping in and a reversal of trend volume bar (2.5m shares).

Trimmed heavy @ 5040 left 2 runners.

See how high they want to push it or stop out @ a break below 5030 deep in profits.

[Blazed]

Originally Posted by Blazed

SPX: 5000 key level / 4930 bottom / 5050 top (gap @ 5047) + ATRs

SPX: 5050 top (gap @ 5047)✅ got puts @ 5050 and trimmed 1 call runner.

All out of puts on that 10 point drop.

Keeping the last call runner until 2 mins before close or 5030.

$23k for the day ($16k was from earnings plays).




Still holding my MSFT & GOOG runners (2 each) not adding to them.

[lane121]

Originally Posted by Blazed

SPX: 5050 top (gap @ 5047)✅ got puts @ 5050 and trimmed 1 call runner.

All out of puts on that 10 point drop.

Keeping the last call runner until 2 mins before close or 5030.

I wasn’t able to trade- internet was unexpectedly out all morning. Were you holding on to the 1 call runner because of the 2.5 mil candles?

[Blazed]

Originally Posted by lane121

I wasn’t able to trade- internet was unexpectedly out all morning. Were you holding on to the 1 call runner because of the 2.5 mil candles?

Yes, plus I entered @ 5000 so I'm 40/50 points ITM.

No reason to cut a runner unless it's @ break even or at a level.

I picked 5030 in this case as it's close to an ATR (5034).

So I'd still be 30 points ITM when I cut it.

[Blazed]

Originally Posted by Blazed

SPX: 5050 top (gap @ 5047)✅ got puts @ 5050 and trimmed 1 call runner.

All out of puts on that 10 point drop.

Keeping the last call runner until 2 mins before close or 5030.

$23k for the day ($16k was from earnings plays).




Still holding my MSFT & GOOG runners (2 each) not adding to them.

Sold last runner 1 min before close @ 5048.

Now just waiting on MSFT & GOOG earnings.

[Blazed]

Originally Posted by Blazed

Sold last runner 1 min before close @ 5048.

Now just waiting on MSFT & GOOG earnings.

Wow.

Glad I sold 95% of my position this morning.




On the plus side my July calls leaps are looking nice.

Almost back to break even. Down about 100/per

[Blazed]

PCI in 5.

This should be good

[ajlaxmn]

Consumer sentiment at 10, waiting until then for trade.

Bottom 5025, 5050 Support, 5080 Key Level, 5100 Resistance, 5125 Top.

[Blazed]

No surprise the market pushed a little off bad data. Didn't get the range I was looking for though.

Consumer @ 10

SPX: 5100 key level / 5140 top / 5050 bottom (5080 support) (break below > 5035) (gap@ 5057.7)

Be patient and wait for levels. No rush to enter a trade.

[Blazed]

In between levels right now.

Only watching for a bounce @ gap (add 1/2 position) w/ 5050 (add full with confirmation) as a safety net or 5100 reject.

[ajlaxmn]

Originally Posted by Blazed

In between levels right now.

Only watching for a bounce @ gap w/ 5050 as a safety net or 5100 reject.

The Ol' in between levels before consumer sentiment routine. Seen this before.

[Blazed]

Originally Posted by ajlaxmn

The Ol' in between levels before consumer sentiment routine. Seen this before.

Yep.

Looks like 5100 will hit right @ data.

[Blazed]

Originally Posted by Blazed

In between levels right now.

Only watching for a bounce @ gap (add 1/2 position) w/ 5050 (add full with confirmation) as a safety net or 5100 reject.

SPX reject 5100 > 5105/8 ATR

[ajlaxmn]

Entered 5100 Puts, bad fill, $14 per, down now, probably going to need to cut. Can't get these fills right.

[Blazed]

Originally Posted by ajlaxmn

Entered 5100 Puts, bad fill, $14 per, down now, probably going to need to cut. Can't get these fills right.

Entered early?

Volume wasn't strong.

Flow is selling.

ATR is my cut.

But follow your plan.

[ajlaxmn]

Originally Posted by Blazed

Entered early?

Volume wasn't strong.

Flow is selling.

ATR is my cut.

But follow your plan.

ATR my cut as well. I entered on 1m, but it sat for a couple second, by the time it filled SPX dropped and Puts went from $12 to $14. Still in.

[ajlaxmn]

Unreal this low volume sideways movement. Man. Killing 5100 C premiums?

[Blazed]

Originally Posted by ajlaxmn

Unreal this low volume sideways movement. Man. Killing 5100 C premiums?

Looks like it. But flow still selling.

Haven't cut runners yet as we didn't close above ATR on the 5.

Only trim I got off was @ SPY's VWAP

If we don't push back down I'll end the day red.

[Blazed]

Originally Posted by ajlaxmn

Unreal this low volume sideways movement. Man. Killing 5100 C premiums?

Woah.

If you're still in you're green again.

See if it can break VWAP

[ajlaxmn]

Originally Posted by Blazed

Woah.

If you're still in you're green again.

See if it can break VWAP

I'm out. $400 loss. Took second contract at 5100, $12 fill, don't mind taking the second contract. was down $1300 at one point. Im ok with how it played out. Held through moving up to ATR but there is just no movement right now even with SPY lower and lower buying volume. Can't break VWAP.

These bad fills get me every time. $10-$11 fill on either contract would have been better.

[Blazed]

Originally Posted by Blazed

No surprise the market pushed a little off bad data. Didn't get the range I was looking for though.

Consumer @ 10

SPX: 5100 key level / 5140 top / 5050 bottom (5080 support) (break below > 5035) (gap@ 5057.7)

Be patient and wait for levels. No rush to enter a trade.

Trade recap:

SPX: 5100 key level✅- broke above then back below. I got 1st trim off @ SPY's VWAP. Got 2nd trim off @ retest of VWAP. Stopped out on last 4 runners.

After all that

Originally Posted by Blazed

Trimmed all but 2 runners on MSFT and GOOG.

Both free plays now.

MSFT puts went from 6.30 > 17.60

GOOG went from 3.95 > 8.43

Gains from today $16.7k

My runners on MSFT/GOOG went to $0

They were free plays so didn't matter.

Great week.

Back at it Monday.