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For those that had $UNH $192.50P today, many more gray hairs were donned! Thought the knuckleheads were going to peg it at the strike price within the last 2 1/2 minutes of the day. Came out ahead on the trade. That’s all that counts!
Mark
Amy,
Not to be nit-picking, but were the STO $212.50 and not $212?, Or something totally different?
Mark
Tiki.. I saw the same issue, but…
Page 1 reads “I sold some of the $62 put strike”. So I took it asa a typo.
Mark
Tom,
Thanks for the update and congrats.
I ended up jumping in on the Nov. $216/$206 PS for $.35 credit on 9/5 and have a $.05 BTC order in. They are currently at $.12. I’m also looking at the Dec. $220/$210 PS and have a $.40 GTC order in. I’d like to try this every month, sort of like what Teddi does, with ladders.
Mark
Alvin,
Another avenue is to ask for someone in the Client Advocacy team to contact you. I’ve not had much luck with them, but it’s another way to communicate your need for action on their part.
Alvin,
I can sure empathize as I too work with Schwab and have had miserable dealings with them in the last 4 weeks. This space is not big enough to list all of the issues – and they are all issues that Schwab has accepted as failures that they need to fix. But, I’m hearing that they are spending an inordinate amount of time fixing issues that are coming up that have been introduced because of the OptionsExpress integration. The integration is happening sometime around Oct6-10 timeframe.
My suggestion is to go back to your consultant and strongly suggest that the issue be fixed by use of manual updates as soon as possible. Ask for them to tell you when it will be fixed, and you are not interested in the excuse that you trade many options. A large amount of transactions to process is a very poor excuse and one that a neophyte about software would use.
Mark
Missed the Sept 1 $CCL trade, but got in today thanks to better premiums. Funky Put trade..
Sold 5 Sept15 $62.50 $.21 credit, Sold 5 Sept22 $63.00 $.45 credit, Bought 10 Sept22 $55 $.09.Like to do these diagonal spread trades as it leaves room for more trades when the first set of options are BTC or Expired.
Sada,
I was thinking the exact same question… It might have to do with premium, cash, margin available. Monthly makes sense to me if the back test proves profitable.
Tom,
Thanks for the explanation. There are a couple of items that are very nice about this kind of trade. 1). No earnings to worry about (I can’t stand known binary events), and 2) it’s relatively conservative – however 15%/annual gain isn’t conservative. Ask any financial advisor, lol!
I’ve got an order in for Nov $216/$206 at $.35. That was placed based on information prior to this latest message.
Again, thanks it’s nice that people are willing to share their experiences and have data available to back them up.
Mark
Tom,
Thanks for the explanation. Next question, how often do you make these trades? Does it depend on when or how often you can glean the $.30-$.40 net premium?
Thanks,
MarkTom,
Great read. I too would be interested in seeing a few examples. A picture is worth 1K words!
Mark
Thanks Teddi for the $VZ & $IBM recs for the next Howling positions. I jumped into $VZ. Still wondering what you are doing with the $CSCO July21 $35C that expired this past Friday. Sell another in Jan 2018?
And, earnings is this Thursday.. validating even more why the implied volatility is up. Mark
Hi Teddi,
Thanks for the quick reply. Not to sure what “invest all the remaining stocks” means, will await your write-up.
Mark
Hi Teddi,
The July21 $35C will soon expire worthless. Any opinions on writing another covered call to replace it? If so, I’m wondering what month & strike price should be looked at.
Thanks – Mark
Intraday implemented for all stocks? $COST data for today doesn’t seem to be correct. Low has been
$157.685.. tool indicates $158.11.Nice return.. maybe a small donation to Teddi’s tip jar is in the future too? ;)
Teddi,
Not sure I’d be in “front” of Nike for a while as it pilots the selling of shoes on $AMZN. This could boost sales of Nike, jmho. Seems like continuing to sell puts would be best?
Mark
Tom,
Teddi updated the Rescue, however the diagonal spread margin requirement for the recommendation is $95K. If you left the Aug 18 $820 naked, the 5 contracts would cost approx. $32K in margin at Schwab. Either way is too rich for my blood. I’m going to wait a few more days with my 970/960 put spread to see how this all pans out.
Hi Teddi,
I’ve tried to add LOPE since last week. No go. Is this a manual process where someone has to look at a queue of stocks to add?
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