Anyone Else Short JCP? Without Bill, it's $11.00!

Your correct "NewWurld", it's a pure day to swing-trading stock, those H.F.T.S. are fun to calculate where they will whipsaw the stock. I covered the same day I posted my point. I made $400 and that's not a bad day's wage for a stock holding for four hours. I sold my BLOX $35.00 and bought it back again today at $33.50 and bought more PPC at $17.6 as some idiot was dumping that stock.


NewWurld, are you long JC Penny or sitting on the side-lines?
 
NewWurld,


Did you sell "Naked Puts" and if you don't mind which Strikes did you sell them at? Today, JCP traded incredible and those shares were absorbed and absorbed! I watched that power all day and did a few .20+ cent Scalps on the Long and Short side.





I day traded Options and was a hero one week and gave everything I made for three months on a Triple Witching Hour like some idiot! My contracts Tripled and than the stock reverses and falls off a cliff while I sit holding onto my wee-wee! :( I still can't believe I threw that much money away, what a dumb ass I was!

Usually I avoid touching them unless I want to lower my average price for a stock I highly believe in like PPC and SAFM, TSN.
 
I shorted the weekly 12.5 and the next weekly 12s.

I would have been better off being long stock in the same notional. I didn't see this pre earnings rally. I think shorts are squaring up just in case things look better.
 
"newWurld", was JCP pinned or forced by Institutions to stick to $13.00? All those JCP $14s, $14s, $16s Calls and $13, $12 to $11.00s were forced expire worthless? What's your view on that? Will Ackman dump his stake are is he waiting for a better exit point?


In July and August I noticed a few stocks being pinned to force those Strikes to expire worthless or $.10 making the exercise of those Options not feasible or worth the risk. JCP should be a wild ride to the next big Option "Triple Witch" in September. Have a good weekend!
 
I didn't look as I had many other pins to deal with today.

In general stocks can converge to a strike price if there is a lot of open interest on that strike. The converging comes from market makers hedging
 
Quote from newwurldmn:

I wouldn't be short vol to the upside.
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Are you really expecting that much of a volatility crush? If my calculations are correct the 12 month HV is 68.71 and the IV for the Sept. 14 Call is 82. Certainly it would take a hit, but is the IV really that much higher than the HV, all things considered? I would think the IV, while dropping some, would still remain quite high considering the continuing uncertainty of the stock going forward.
I appreciate any input.
 
Quote from CaptainObvious:

Are you really expecting that much of a volatility crush? If my calculations are correct the 12 month HV is 68.71 and the IV for the Sept. 14 Call is 82. Certainly it would take a hit, but is the IV really that much higher than the HV, all things considered? I would think the IV, while dropping some, would still remain quite high considering the continuing uncertainty of the stock going forward.
I appreciate any input.
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I think we are saying the same thing.

I don't know where vol will settle after earnings but this could be major short squeeze.
I wouldn't be short gamma to the upside. We could see a stock at 15+ if revenues beat the whispers.

I think past hv doesn't apply here. It's an evolving story.
 
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