I'll add more single names as I add some cash to this account. Will also mention some exotics, but with a separate PNL netting.
Down 1.1% impact to the book with the UBS downgrade. IMO too late to sell deltas in spot so I'll wait and see how we close. My guess is that $500 is strong psychological support and may be broken intraday next week, but will hold on a closing basis. Best guess for VWAP on the remaining 35 days is 522.80.
I tend to agree, except I don't know if I agree with the $500 being broken. But who knows. Anything can happen over the next few days. There's a lot of capital gains in this stock that could further downside pressure. Vol is pretty bid. If I had ammunition right now, I would probably looking to do more term structure.
From your mouth to God's ears.... just being pragmatic here as it's getting cratered on a 700 price target by UBS. 700 is fantasy; it won't see that handle in 3 years at least, if ever. It seemed like a great vol-sale at the 40-line, but it's living up to that number. Anyway, I am a bull by necessity, but GOOG is eating their lunch.
I am long Jan vol and short Dec vol in GOOG to get my gamma flat for now. I'm down a little bit on this trade. About a vol I think. RE: AAPL, I agree. 700 is fantasy. The right trade here is long skew. It's flat and vol of vol is pretty high. I can't trade it however as I don't use portfolio margining and thus won't be able to put on the size that will make it interesting for me. I cut my Dec Jan 550 calls. So now I just have the Dec Jan 500 puts. This cuts about 1/2 my delta exposure and if the stock does rally, I don't have to worry about Jan vol coming in 5 points (about where it was yesterday) and I take some premium off the table just in case. so I went the exact opposite way I had just suggested.
Long Dec/Jan flattening your gamma? Were you long gamma in GOOG (straddle)? Yeah, there are some naked wing-trades that look juicy.