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TTT good post

No different than Descartes Meditations on First Philosophy.

ROFLMAO (after reading this thread I think I need a play to go long tin foil)

Joe Taxpayer can pay a dollar now or 5 later.

You need a idea to act on, and options are only a tool. I don't care which option strategy you want to discuss - iron condor, spreads, covered calls, selling naked, ratio writes, etc. They all have one thing in common: NEGATIVE EXPECTATION. Buying yourself a hammer and a chopsaw does...

I don't trade the SPX and haven't dealt with SET

theres quite a few on the list: Social Entropy Theory? Simulated Emergency Test? Similarity Enhanced Transfer? Sacrificial Elite Trader?

Are are one of the guys who made millions? Pardon my ignorance but what does SET stand for? I didn't make millions today but percentage wise I am VERY happy. I was legging out of a major double diagonal (my personal version), and was left with a boatload of OCT SPY OTM calls for Fri am...

I don't think so. I'd be quite surprised.

Pandemonium. I had a huge gain, but a million different positions and was trying to liquidate at 9:30 in an orderly fashion (Never look a gift horse in the mouth) Got up at 4:30 AM to try and sort out my strategy. Congrats to all who survived this absofuckinlutely insane week. Back to the...

Hope you didn't trade congruent with your response. Never in my wildest dreams did I think we'd touch a 113 handle on the SPY first though.

What goes 'round comes 'round. There are still plenty of ways to short the market/XLF. ROFLMAO

Well the pep talk worked. Here is a link to one of the greatest motivational speeches ever (JMO) It's 4 minutes long but worth it. You don't have to watch it, just listen to it. http://www.youtube.com/watch?v=9rFx6OFooCs Peace With Inches

Good timing. Yesterday just before 3:00.

Well apparently many people thought it was easy money. I could be wrong but it looks like there were 108,000 contracts traded. Lowest price was .72 (!) The 120 strike traded as low as .22 yesterday - I wonder where thats going today (Fri) Quite a few sellers likely thought it was the...

Judging from what the overseas markets are doing (China +9% overnight, FTSE +7%, many Europe financial stocks +35%,) you don't want to get in front of this. Fade at your own risk.

That'll work about 50% of the time on average. It's really not that easy.

My point is this: Someone who may be dipping their toe into option trading (perhaps after successfully writing a few covered calls), could be mightily tempted to write that naked call, as it appears to be a $20 bill in street. However, when you pick up that $20, a hand grabs you and pulls...

I wonder if any traders were in the practice of "selling the teenies" earlier today.

If you want to benefit from the skew, buy otm calls and go long gamma! Don't wait for expiry either, if you get major outperformance you can then scalp some gamma by SELLING ITM calls (at high IV to boot), bringing you closer to delta neutral. Keep in mind this is an action based on the...