Hey guys, For people who are option traders, please share any option trades you see in this comment. Today early in the morning I went ahead and sold some of those 150 GS june calls.. and was waiting for a fall of the wedge sell off to sell some $135 june puts as well. This means that i’m betting on GS stock price staying between 135 and 150 until expiration date (3rd friday of june). Do you guys see any other great plays?
Option Plays, Got Any?
– June 10, 2009Posted in: Intraday Commentary
I see that TNA is going back to $32 tomorrow
Idan….sounds good. My experience has been most stocks barely move for several days AFTER earnings. Might be better to play that spead post-earnings (day or so) IMVHO.
p.s. Hope y’all went LONG on the bounce north. Room to run. Back in the saddle Friday.
If you are selling options, you want to do it before the earnings to get the IV crush that occurs.
Currently I have am long a 90/95 RIMM call spread that I have talked about a few times. Their earnings are the day before opex. I am looking for them to be just at or under 90 by opex and the 95 sold short to expire worthless. If it happens before I will just close the spread and sell a higher call spread. The ramp up has already begun with higher highs and higher lows leading up into their earnings and they were strong all day today even with Apple getting killed.
I am long a 27.5/30 Vix call spread. Vix has been playing this wedge down perfectly, I only wish I had started playing the vix options sooner (selling calls at the top touch, buying them on the bottom).
I managed to extract myself out of my apple butterfly today and minimized dmg (bought back the short legs near the lows of the day and sold the long legs on the retrace. Still took a hit on the overall position.
If this breakout from the E wave hits I will start selling some call spreads and using that to finance some puts.
Idan – I am bullish on RIMM and am playing a straight call on RIMM – JULY 85 call … my target is gap fill at 93.
I am playing 1 call option … tiny position
… but I have a much smaller portfolio …. since I wasn’t sure if we could get there by Opex, I am playing the July option … to avoid getting killed on the decay …. regardless will be tightening my stops once we reach closer ….
We need to convincingly break through the highs of today to start moving up … I currently see us forming a pennant on the daily … which should hopefully break in the direction of the trend i.e. up ….
Hope this helps ….. thanks for the great work you do !!
Playing bullish oil through DIG Calls few months out.
Short 95-96 June SPY Call Spread, this is my main trade for the month.
I’m also long $94 SPY June Calls as a more tactical trading vehicle. It’s worked the past 4 days by buying at 2:30pm EST and selling it right before the close.
It seems like the goal tend is on to hold the SPY below $95 for this month. I’m probably going to also selling SPY Calls for June for anything above $97 strike if I can get decent premium on it. It’s sometimes better to make an easy 10% than it is to make a tough 40%.
I am playing:
APWR June $12.50 calls
RIMM June $85 calls and $95 calls
also looking at and like AXL July $7 calls, if I get a low put in of $4.90
THE $12.50 CLUB ——— IBOC and PALM puts
going to post an updated chart in EDU huge volume little gain pump and dump
OCT $50 PUTS JUNE $60 PUTS … $61.50 is the key for me
AS PROMISED http://social.stocktock.com/photo/edu_jun10-1
ASCA ——- cross on the weekly . $20 resistance maybe take $20 JUN PUT in the morning max pain $15 —- nice spread here for a bearish looking chart. a small position is worth the risk reward. if it stays at $20 you can always excercise the option and enjoy the short sale at $20. if it makes the $15 target you are in for $210 profit per contract at the current ask of $165
the $17.50 PUTS are much less at $55 per and $195 profit per at $15 target
http://stockcharts.com/charts/gallery.html?ASCA
WORKING HARD TONIGHT………….
JUNE $6 PUTS FORD …. cheapity cheap max pain is $5
last trade $0.16 if the stock falls to $5.50 .. 3 bagger
risk $0.16 to make $0.50 …….. good to go.
tomorrow im taking a position in ASCA and FORD JUNES.
ive looked through 50 charts and these two like the best risk/reward.
I have sold my RIMM June$85 calls at $5.20. I still hold June $95 calls.
I bought GOOG $440 calls at $2.70 today at EOD, looking for a move to $437+ and hopefully a quick double