Damn, got played by the markets this week, in the end the straight roll of all -p270 and -c270 to next week would have been best, but there you go!
Earlier rolled 30x 7/28 -p270 to 8/4 -p260 for $1 cost
We all get played sooner or later, for me it’s usually both.
I think the move to 260 will eventually be very profitable. From my perspective, another decently profitable week. Those $0.50 ICs referenced below, and my -c272.50s went to essential zero (could have, maybe even should have, let them expire worthless). I cleared enough profit to buyback another Jan2025 -c220, so that’s nice. Decided to roll the short ICs and CCs into next week, which may or may not have been the smart thing to do. Furthermore, to pull out some additional premium, I rolled the CCs
DOWN to -c265s. I definitely did it too early and missed the run up into the close, so gave away a decent timing profit. However, I’m worried about those 50,000x August 260 straddles acting like a magnet for the SP, so selling early for next week is a mini-hedge for a possible continuation of Thursday’s bear raid. In any case, I’ve kept a fair amount of cash for reacting to SP changes and/or opening new ICs on Wednesday. As always, GLTA.
Edit: added graphic below. We closed just slightly above the 2/3 speed line, which can act as support or resistance, depending on whether the SP is above or below the line. Next week will be pivotal as the bears try to drop the SP below the line, and bulls try to keep it above into that wedge terminating around $280. My bets are with the bears. Still lots of open interest on September 210/220 puts.
I closed out my +250/-270/+290 IB near the AM high, and I’m glad for that. I’ve been burned on those too many times on expiration day. Still holding a few wide +p247/-p257/-c277/+c287 ICs at $0.50, but most everything was rolled to next week.
Ok, it’s pretty obvious that TSLA is being driven by the options market this week. Up down and close within pennies of $270. Yes, I’m pretty happy about it, with IBs at +p250/-pc270/+c290 and ICs at +p250/-p260/-c280/+c290. Bought back 275&280 CCs during the MMD and resold $272.50s when we got back to $270 this afternoon. Willing to roll if needed.
Tomorrow’s levels from Wicked Stocks: $266.12 is the pivotal point at opening (right at the 2/3 speed line which can act as support or resistance). Above=up day, below=down day. Range then is $274.87-$260.56.
