Selling Calls To Take Advantage of SPY Drop to 82 By 18-Sep

Discussion in 'Journals' started by shortie, May 31, 2009.

Chances SPY Will Drop To 82 By Mid September

  1. Virtually Impossible

    6 vote(s)
    8.0%
  2. Unlikely

    8 vote(s)
    10.7%
  3. Possible

    13 vote(s)
    17.3%
  4. Likely

    25 vote(s)
    33.3%
  5. Sure Thing

    16 vote(s)
    21.3%
  6. Yet Another Fool Ready To Part With His $$

    7 vote(s)
    9.3%
  1. shorted 2x more 94C June @2.63
    -4x total now

    Ideally, I would like to limit myself to one new position per day (but no limit on hedge positions).I felt a bit greedy today, so I entered twice.

    [​IMG]
     
    #11     Jun 1, 2009
  2. added another short 94C at 2.65

    current position -5x average 2.58

    approximately break even at the close today.

    the market can go down now :D
     
    #12     Jun 2, 2009
  3. no trades today. i wanted to lock in some gains by selling 2x June 91 puts but my target was not reached.
     
    #13     Jun 3, 2009
  4. no trades today
     
    #14     Jun 4, 2009
  5. volente_00

    volente_00


    why 94's and not 95's ?
     
    #15     Jun 4, 2009
  6. 94's have more premium that i can milk. 93 would be my second choice, 95 third. i don't want to go too deep ITM because i think this crazy bull is not ready to drop a lot just yet.
     
    #16     Jun 5, 2009
  7. donnap

    donnap

    What would be your list toppers?
     
    #17     Jun 5, 2009
  8. volente_00

    volente_00


    So are your intentions to cover before expiration or trying to sell what will be worthless ?
     
    #18     Jun 5, 2009

  9. Long fly or a short straddle for pure vol. Short calendars if vols are in contango.
     
    #19     Jun 5, 2009
  10. if the calls expire worthless, it will be perfect. if they don't than i can rotate them into the next month. i will deal with it closer to expiration.

    if spy drops enough i intend to start selling ITM puts to lock in gains and build strangles.


    was trying to short one more 94 call after spy bounced up after the drop, but did not get a fill.
     
    #20     Jun 5, 2009