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Robert Weinstein

Registered: May 2002
Posts: 3849

04-03-12 06:01 PM

Quote from jnbadger:

What a mess that thing was yesterday. Just goes to show that even though an instrument is based on an underlying idea, if someone decides to drop coverage, all bets are off.

Glad you didn't touch it.

Hey Badger,

yeah, unreal. I wrote some puts with VXX but it wasn't my standard day trade. I am looking to gather premium. So far so good as of the time I write this. it's been a bumpy (and so far) profitable ride.

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Robert Weinstein

Registered: May 2002
Posts: 3849

04-10-12 06:26 AM

Trading update.

I missed out on a great call fading HEAT the other day. IB didn't have any shares.

I am still net long via short put options on VXX. VXX gave lots of love today and now the position is firmly in the winner column. With time decay working its magic it should continue to be good

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Robert Weinstein

Registered: May 2002
Posts: 3849

04-20-12 01:35 AM

My VXX short puts expire tomorrow. I was distracted or I would have likely exited out when the traded under $0.15 each.

I am building slowly a short put position in UNG. I don't believe natural gas prices are going up any time soon, but I do believe we are due for a technical bounce so I am going to collect some time premium

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RichardRimes

Registered: Oct 2005
Posts: 2526

04-21-12 12:46 AM

Quote from Robert Weinstein:

My VXX short puts expire tomorrow. I was distracted or I would have likely exited out when the traded under $0.15 each.

I am building slowly a short put position in UNG. I don't believe natural gas prices are going up any time soon, but I do believe we are due for a technical bounce so I am going to collect some time premium

ATM or slightly otm? I agree..at some point NG may be squeezed hard to the upside but only to put the hurt on the shorts. doesn't seem like it will be able to sustain the upside. I tried to sell puts then even put a bid on UNG but no dice.

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Robert Weinstein

Registered: May 2002
Posts: 3849

04-23-12 05:03 AM

Quote from RichardRimes:

ATM or slightly otm? I agree..at some point NG may be squeezed hard to the upside but only to put the hurt on the shorts. doesn't seem like it will be able to sustain the upside. I tried to sell puts then even put a bid on UNG but no dice.

At the time I sold the UNG puts they were out of the money but now in the money. Time decay has worked off most of the drop in UNG price so the position is only slightly underwater. I will look to Tuesday as the next add on date if continued weakness. I am small enough to hold the position for some time.

Friday I liquidated the last of my VXX puts with a very nice gain of over a dollar per contract. I bought the puts back near the LOD so very happy with that.

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Robert Weinstein

Registered: May 2002
Posts: 3849

04-24-12 06:12 AM

Today turned into a really great day all around. My UNG position moved deep in the green.

I also had my first article published by thestreet.com which is very exciting and humbling at the same time. http://www.thestreet.com/story/1150...-the-price.html

Netflix fell out of the tree in afterhours trading. I almost traded it long to fade the move, but was not of clear mind to trade after all the excitement.

I will look for netflix again on Wednesday if it has follow through in price weakness.

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