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Wiki Selling TSLA Options - Be the House
- Thread starter adiggs
- Start date
@Yoona I find your insights on gamma exposures to be very keen, thank you for sharing your work here and I hope you will keep doing so even if you look at NVDA more
Fidelity gives it to your cash in the account. Completely liquid. But if you sell CSP, the money backing the Puts (might) no longer gets the interest.
Edit - add the (might)
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WeBull and Robinhood cash sweep at 5% and 5.25% respectively and VUSXX in retirement accounts and after tax. I recently rolled over my 401k to Robinhood from Schwab for the 3% bonus it seemed like a nice deal. I kept the accounts under $500k in case something goes bad.
This is where I park surplus cash..had to ini’l fund with 1M, but moving out and in above and BELOW is no problem. Probably similars from other larger custodians. Pays 5.38%, probably won’t get under 5% before ~ late Q2
Otherwise, one is going to have to put money into corps or CD’s (hard to break up and secure with 250K max FDIC insurance).. but I’ve got corp preferreds paying 8.5-9.5%, without caps and slightly more coverages than FDIC would allow for.
Fidelity® Investments Money Market - Money Market Portfolio - Class I FMPXX
not a recommendation, blah blah blah.
EVNow
Well-Known Member
Not true. You get the interest.
Infact, I moved my cash to a muni money market fund to get tax exempt interest.
PS: The rates have gone down. You don’t get 5% with muni.
@BornToFly - are you certain on the CSP-backing cash not generating interest? Previously Fidelity has stated that the cash does continue to earn interest - I'm currently calling their private client group service team now to confirm, but if you have any information from them to the contrary that I can ask them about, please let me know ASAP.
UPDATE: Confirmed with Fidelity that while the cash sitting in the money market fund is reserved to back the CSPs, it does continue to stay in the money market fund (in my case, a nice safe SPAXX with a 4.98% 7-day yield) and does continue to earn interest. If you are seeing or hearing differently, definitely call into Fidelity and get this confirmed for yourself as well. Also, as an FYI since I see this popping up in other replies, there is *no* margin enabled on any of my accounts.
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I also have QQQY, JEPI and QYLD and sadly those are doing better than Tesla and I have been receiving their dividends for a while. I did TSLY but that obviously that's another roller coaster so I sold it.
I need help.
I have 150X +170/-195 BPS for March 15 (left over from 2022 debacle) that I could have closed a couple weeks ago for $2. Now it's between $11-12.
I can roll it to Jan 2025 for a small credit. I can roll to Jan 2025 and lower strikes to +160/-185 for minimal debit. But I really want to get rid of the Margin drag in case we drop sub 150.
Flip rolling it is a problem because it is $10 ITM.
I've though about just closing it and trying to make the money back slowly over the next year....
Anyone have a miracle up their sleeve?
I have 150X +170/-195 BPS for March 15 (left over from 2022 debacle) that I could have closed a couple weeks ago for $2. Now it's between $11-12.
I can roll it to Jan 2025 for a small credit. I can roll to Jan 2025 and lower strikes to +160/-185 for minimal debit. But I really want to get rid of the Margin drag in case we drop sub 150.
Flip rolling it is a problem because it is $10 ITM.
I've though about just closing it and trying to make the money back slowly over the next year....
Anyone have a miracle up their sleeve?
SpeedyEddy
Active Member
Finally Closed the -C185 hedge around SP $184 as well as the April -C215, pretty sure I can close -P without significant loss. Hedges already brought me $1.50 compensation (premium scalping). Paper loss on -P185 still $0.60, so almost a 1 dollar net cash win (a piece) today (would not have guessed that yesterday). End good all good. I wish you all a great weekend and will take the little loss on -P185 happily. And will sell another call to hedge for April 19-P205
I think you will continue to earn interest if you have margin and someone said through IBKR they will still pay you the interest even though you are still selling cash secured puts. Double dipping sounds nice.
Not a fund but Marcus gives 5.5% currently with a referral code. The referral code ups it from 4.5 to 5.5. Cash is immediately accessible. If you or anyone wants my referral code let me know.
As I mused above, I rolled 100x 3/15 +p200 out to Jan 2025 for -$18 per contract, which is actually quite "cheap" for ITM positions and an extra 9 months of security
Still have 100x 2/2 -p200 written against them, but I figured even if the SP never rises above 200, just weekly rolling those -p200's 50x will likely bring in a profit
STC 100x 3/15 +p200 @$20.7 (net +$8.3) -> BTO 100x Jan 25 +p200 @$38.8
Given that the macro is crapping, I would preferred to wait a bit to get a better price on the sell of the March +p's, but have to exceptionally go to music rehearsal tonight and can't risk leaving that open when the new position is already bought...
Edit: correction $18 cost, to $17
Still have 100x 2/2 -p200 written against them, but I figured even if the SP never rises above 200, just weekly rolling those -p200's 50x will likely bring in a profit
STC 100x 3/15 +p200 @$20.7 (net +$8.3) -> BTO 100x Jan 25 +p200 @$38.8
Given that the macro is crapping, I would preferred to wait a bit to get a better price on the sell of the March +p's, but have to exceptionally go to music rehearsal tonight and can't risk leaving that open when the new position is already bought...
Edit: correction $18 cost, to $17
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