In and out with the big jump on Wednesday

At 9:51 EDT Wednesday I was setup for a couple days with my purchase at  of SPY at 106.73, long S104  3-Sept puts at .23 and short S107 3-Sept calls at 0.80  for a breakeven of  106.16 and a max profit of  0.84. Twenty minutes later I closed out SPY at 108.11, S104 puts at .08, and bought back my calls at 1.62 for a …

Read moreIn and out with the big jump on Wednesday

Are we at the bottom yet?

After several sell-off days with low volume, the buyers seem to be coming back.  I bought SPY at 105.22, sold 27-Aug 106 calls at 0.58. Breakeven is 104.64. Maximum profit is $1.36 per share. Livevol shows the 27-Aug 106 IV’s at 28 and the 18-Sept monthly IV for the 106 calls at 24.  Right now, Livevol’s IV numbers are the only ones I believe for …

Read moreAre we at the bottom yet?

Two days to go

I’ve been staying out of the market (except for USO), because I think the possibility of a pullback is fairly high.    However, with two days to go on the SPY Weekly 6-August options (which are showing IVs in the 30s)  things started looking attractive.   I created an ITM covered call position, buying SPY at 112.45 and selling 111 strike calls at 1.84.   …

Read moreTwo days to go