Don’t know if you’ve started running numbers, but I’m thinking about rolling all my $240s out pretty soon thinking we’re at close to near-term bottom. Part of this urge is regrets from not doing it when SP was $220. Quick look suggests I‘d have to go out 12 months to get to $280 and split 12-16 to get to $300. I guess worse case if I do it now, I can roll in if SP goes down any further. Then opportunistically roll over the next 12 months. Trying to hold 90% of my position past $300; currently have half of shares covered at Sep’23-Mar’24 $240 strikes. Have been in shares preservation mode since June, and minimal income, and no end in sight.
FYI, this dump is all because of the ReddyLeaf counter indicator: I sold a 9/01 -p255 for $1.90 earlier in the week, daring the SP. So, the buyer on that one is up 5x. Oh well, at least I was able to use this action to roll a bunch of CCs out and up for various credits. Still have 1x Jan2025 -c225. The worst short term ones were 9/01 -c230, so definitely appreciate the drop to facilitate a better roll.
I didn't watch his video today, hey where are our Cliff Notes @Jim Holder??Anybody else jump on Wicked Stocks low point? Was just watching his YouTube video, and noticed that the SP was approaching his daily low prediction, so went ahead and bought 10x 9/08 +c250s at $3.90 just for fun. Looks like he nailed it once again. Unfortunately, on Wednesday I had bought 9/01 +p250s for $0.95, BUT STUPIDLY SOLD THEM this AM for $0.75 because I thought that $250 was the target. Could have 5x profit on that one.
On the personal side, still very busy on projects that may require dropping out of this thread. If that happens, don’t worry. I’m healthy financially and mentally. My best advice is to reread this thread from the beginning, as well as many other options threads from the early days. There is a wealth of knowledge and experience (changing all the time, but often forgotten) in those old posts.
I thought the dump is because I rolled the C115s yesterday. Anyway sold P222.5s today @248, so we'll see if it holds on 9/8.
Monday Holiday… Tuesday, the Sept fireworks begin. I never underestimate the ability for MM returning to work to want to try and push down the ENTIRE market, get stocks cheaper and hope for a Q4 rally into end of year. So, seasonal forces could very much be in play for Sept/Oct.
Once again, thank you for your analysis. Darn it. Why don’t I wait until AFTER reading this thread to trade? I went ahead and bought another 5x 9/1 +c250s. I was ahead on the previous 10x, but now with the continued dump they’re all at a loss. Maybe a bounce on Monday? Unfortunately, for those +Cs, I think that you are correct. However, for my mid- and longer-term CCs, I appreciate the lower SP. Also, I have 20x 9/15 IBs at +p230/-p240/-c240/+c250 that are loving the action. Those were mistakes, rolled in an attempt to save previous bad trades. I really don’t want to lose the $20k backing, but at least I’ve realized $17k premiums. If we miraculously get close to $240 next week, I’ll probably close everything for what little profit I can. Once again, I’m hedged in both directions.
wont be much of a plan if we fret over things going according to it, right?
