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Wow, am I really going to have to roll my -690p?
Today is a big OPEX day with a lot of puts expiring. I had anticipated a rise today as the puts cleared and dealers (MMs) had to buy back their hedges. No idea if this idea was wrong or if the latest drama derailed this theory.Well we broke our most recent low so I think there will be more downward pressure. No idea where we finish today but looks like some big bets coming for next week's 645 puts.
There's no hope for the rest of us when one of the most discipled traders in this forum is worried about his 0DTE positions
Edit: I should clarify that my goal here is for theta to work its magic. I do not believe we are going to sustain any rally with as many macro and Elon related overhangs as we have at the moment.
Waiting for Godot is easier that waiting for SP strength. Ok, it’s official, I’m done. I just blew all my free cash again. Don’t I ever learn? Can’t believe that I got shares at $664.xx. Crazy. Ok, time to get outside and enjoy life while we still can.The other thing that supports this is the high IV. It is my experience that IV is rising when stocks are dropping, basically because of bearish sentiment. With theta decay and IV crush to our advantage + the bearish market sentiment I honestly think selling calls on any decent strength is the way to go even if it feels unnatural.
For short term sentiment it is important that TSLA closes above its 5 day SMA. Until that happens my plan is to sell aggressive calls. 5 day SMA currently is at 718.
I think we're closing green today, so beware!$700 calls are going for 45 cents.
Who’s feeling lucky?
$700 calls are going for 45 cents.
Who’s feeling lucky?
Not me. I'm avoiding this short-term volatility. We're too low and having too many +/-5% days, I'm just loading up long exposure. All shares, a LEAP, the Jun'24 +1000/-1200 spread. I have 2 underwater BPS but they were both rolled out - one to 10/21 and one to Jan'23. If we are able to claw back to $1000 by Jan of next year I'll be in fantastic shape. If a P/E of 30 is the 80, then well, looks like we'll all be waiting a while...$700 calls are going for 45 cents.
Who’s feeling lucky?
I think fed minutes will be released next week.Is there any fed announcements scheduled for next week?