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trying to sell 111/113 Aug SPY put spread @ .69, gonna need a decent drop to get it (no stop, max-loss of 1.31 per spread)

It kinda does. It's HIS journal and he can say what he wants.

Some of the longer-term levels I'm looking at on the SPX... White lines are upcoming option expirations, white boxes are strikes im considering selling verticals @. Would like to sell the Aug put spread on some early morning weakness (wanted to do it friday but reaction to the NFP#...

It's almost like they're trying to lose money.

A 400% gain Seriosly, take some time off, recapitalize with whatever you can, and start again.

I think most of the "to the moon" folks have probably given up on that. You'll always have institutional and buy-and-hold types that will stay long regardless. I've just noticed that most people I talk to sound border-line apocalyptic, even on CNBC there isn't the usual level of...

Just remember: the market has a vicious tendency to humble us just when we think we've got it all figured out.:)

Only problem with this is that it seems like everyone is thinking the same thing. A move back up through the highs, then a roll-over, seems the best way for the market to screw everyone.

Back in the early days of the last crisis the fed did a suprise pre-market cut and we had a bigger 1-min candle I believe. Thought it was like 40 handles, but that may have been over more than the 1-min bar. But ya, that was a nice move, good exit on those longs.

non-farm payroll number in 10 minutes. 89k exp. keep your fingers crossed. at this point any non-horrible number should be bullish, considering where market expectations are.

I actually considered selling some AUG 1125 puts at the close. (Un)fortunately I don't have the stomache for two weeks of torture. Will look to sell some wide verticals if we have an early sell-off tomorrow.

Live to trade another day. On the bright side, you got out of that partial near the pre-market highs. At least you had a plan and stayed true to your stop, plenty of people would have blown up averaging into this move. Of course, now that you're out, you know the market's going to...

Terrifying wins.

What? You don't think it's a good idea for CNBC viewers to be using huge leverage in highly volatile markets they know nothing about?

Only time I've sold a CC is if I have a longterm position and want to hedge some and/or take advantage of a jump in vol, save some on comm and take the short-term cap gain on the hedge. I've done it with my longterm gold position with some success. Otherwise, as has been said, why do two...

AHHHHHHHHHHHHH :mad:

what I'm trying to tell you is that MTE is correct. as he's made clear your trade is a complicated way of being short a sep call and short a dec put, a strangle spread between sep-dec. that is not a covered position. short a strangle = short vol. the calendar aspect just makes it slightly more...

You realize that the delta of the option changes, right? You are short volatility.

I could write an encyclopedia on my screw-ups. Just part of the game. One thing that helps me is to slow down after a mistake and become more conservative, as mistakes tend to compound(for me anyway.) I think a lot of times we try to "fix" a mistake with the next trade, and we end up just...

Either people taking off vol positions and hedges or people assuming the bull market will continue (or at least give a sharp bounce off the lows) and trying to take advantage of this spike. Its hard to tell what it means with respect to the market. On one hand it could mean this move in the...