Sold 40 of the csco 20c for .85 bought 1000 shares at .22 and 1000 at .20. Shit, 10000 of the 20c went across at .80. Doh, bought stock too soon.
This is quite weird, nother ten thousand went across on the offer for .90, stock ran up following it.
It tunrs out I fucked up on the msft 30c, I'm long 29 not 4. Make that 9, as I got filled on 20 at .45 as I wrote the first sentence. Greeks for csco: delta = -550 gamm =-500 theta = 10 vega =100
For the close I sold 500 csco at 20, I want to lean short as that is where my naked exposure is. The greeks at the close with stock at 20 are: Delta = -680 gamma = -720 vega = 100 theta = 60 ( my previous posts for this were incorrect) the position consists of -800 csco -50 20c -20 20p 80 nov 22c The whole short gamma thing was really a play on the Nov calls. I was looking for a way to buy these yet, at the same time pay for it one way or another. Another reason is that while I have had short gamma/premium positions on in the past year, this will be the most aggressive and complex one yet. My thinking going forward is to carry both, provided conditions are right, long/short vol/gamma. and so forth. This csco position is in contrast to the MSFT position which is long gamma. I Haven't been trading msft very well so far.
Ok, it maybe a day late but nothing has really changed. I sold 20 of the msft 30c for .40 and bought 500 28.48 stock against it. Also, I bought a 6 lot of the csco 20p for .50 and bought 100 stock for .22 and 200 .20. I sold 10 of th 20s for .85 and bought 600 csco for a hedge. Nothing else really came through throuth morning.
Sometimes, it is better to be lucky than good, today is no different. On Wednesday, as the market rallied, I closed out my short call position and in fact went long premium and deltas. The deltas part is more of the fact my brokerage had issued me a margin call and blocked me from selling any more stock. Today, I wake up to find myself on the right side of a big move, dumb fucking luck.
What was it about Wednesday's action that made you change direction? Did you get long by the closing of short positions or did you add to longs? Not so sure it was just dumb luck. Thanx.
It was the powerfull move that day from a low of 1001 at 11:00am up to 1117 at the close for the SPX while with no major downticks. I forget the exact term for these days, but is premised on the that the first hour/ hour and a half is all noise and once that's cleared out, long-term traders enter the picture. The fact this was occuring from what was a decent base loong at an intrday chart for the last ten days and with csco at an inflection point made me pull the trigger.