CL Redux

[gmst]

Quote from gmst:

Great Trade Man!

I don't play CL but last night when S&P had that massive move, I looked around to see which are the most beaten down assets and CL came top on my list.

I bought 1 QM at 79.5 and exited at 80.8, hoping to buy again around 80.25, my eventual target was 84/85 early next week.

Gosh, I never got another chance, train had become a plane and left the station.

So, I was expecting an eventual runup to 85 within a week. Would have been a 8% rally or so in a week. I guess proper way to play this kind of scenario was using a high theta call option with probably 1-2 weeks to go.

Can anyone tell me what would have been the price of a 85 weekly call when underlying was at say 79.5 yesterday? And what would have been the appreciation by now?

What if I would have sold a 75 weekly put to finance the call? Also, how much vols has moved today ? Have then gone up or gone down? Sorry, I don't have data for vols, thats why asking.

 

[riskaddict]

Quote from Visaria:

-1200? Were u trading in and out in between?

What is JO?

Siemens?

Done for the yr?

Explain everything, pls!

I went shorting the outright at 80.40 which was an obvious area of interest then at the same time i sold some 79 puts at the time they were trading at 1.37. then around 8:30 when things were looking crazy I bought some 83 calls got out of them around 9:15 on that 1st pop above 82. Then when CL went back down to 81.50 moved up to 85 calls and held them until 82.30. Then when that wedge was forming that's when I bought the 84 calls I mentioned and they got sold when CL was at 83.30 which I why I was pissed when it shot to 84. Then I went to the gym and saw it did in deed go to 85 like you said it would. At that point I covered the 79 puts I was short at like .65. You should have seen me cursing in the gym trying to get puts covered from my phone I felt like such an asshole. So basically every time I buy a call it is like a synthetic stop. WOuld have been a much easier day if I took my own advice and just stopped and revered at 81.20. So now I'm naked short with this gigantic loss staring at me on the DOM but my account balance isn't really all that worse for the wear. Hey I never added to the loser!! If it goes to 87 on Monday I might add to it

JO is the coffee etf. If you remember a while back I kept trying to pick the bottom on the KC and was burning through thousands of dollars. Finally I said Hmmm I'll have my revenge if it takes all fucking year. Over the last month or so I accumulated lots of jo's. Not nearly as sweet as it would have been if it were 5 KC's but not bad.

As for Siemens I just own a shit load of it and have been buying some everyday it's below 80. I even put 25% of my wife's IRA in it so she owes big time tonight. I had to take some off the table today but if these gains stick I'll hold this bitch back to par and I'll have enough money to clone my dog.

 

[riskaddict]

Quote from gmst:

So, I was expecting an eventual runup to 85 within a week. Would have been a 8% rally or so in a week. I guess proper way to play this kind of scenario was using a high theta call option with probably 1-2 weeks to go.

Can anyone tell me what would have been the price of a 85 weekly call when underlying was at say 79.5 yesterday? And what would have been the appreciation by now?

What if I would have sold a 75 weekly put to finance the call? Also, how much vols has moved today ? Have then gone up or gone down? Sorry, I don't have data for vols, thats why asking.

I don't know about weekly options but yesterday I unwound a short strangle involving the july 84 calls and I believe at one point it was as cheap as .50 and closed out today at 3.01. Needless to say I'm glad I unwound it yesterday!

I don't really pay attention to vol anymore at least with oil it doesn't always jive with what is happening. You can always count on theta! In fact I think I'm going to change my handle to Thetaeater because that shit is yummy. But looking at the ovx it didn't do much of anything.

 

[macattack]

Can anyone explain or provide some background as to where all of the orders come from in CL. Specifically today I see volume just completely dead for 2 hours trading a couple hundred contracts from after 7:30 am until 9:52 (which I know it's somewhat normal for volume to be dead after a huge run up in the morning, on a Friday, at that specific time period).

But then all of a sudden volume jumps to 3,884 & stays pretty high the rest of the day.

Do all traders just quit trading at the same time?
Do they all just jump back in at the exact same time?
Is it one or two firms creating all of the big volume?

I would love to see a spreadsheet showing where all of the orders came from today just to gain some insight/understanding.

It seems like volume action like this would be the result of one huge firm or all of the firms doing the same thing at the same time.

 

[EON Kid]

Quote from macattack:

Can anyone explain or provide some background as to where all of the orders come from in CL.

First there was a mommy order ....

 

[EON Kid]

Quote from riskaddict:



As for Siemens I just own a shit load of it and have been buying some everyday it's below 80. I even put 25% of my wife's IRA in it so she owes big time tonight. I had to take some off the table today but if these gains stick I'll hold this bitch back to par and I'll have enough money to clone my dog.

thats a well timed investment

 

[gmst]

Quote from riskaddict:

I don't know about weekly options but yesterday I unwound a short strangle involving the july 84 calls and I believe at one point it was as cheap as .50 and closed out today at 3.01. Needless to say I'm glad I unwound it yesterday!

I don't really pay attention to vol anymore at least with oil it doesn't always jive with what is happening. You can always count on theta! In fact I think I'm going to change my handle to Thetaeater because that shit is yummy. But looking at the ovx it didn't do much of anything.

Hey Riskaddict, thanks for filling in for me.

 

[Chicago_CTA]

WTF? What was that spike in the last minute?

1.50?


fat finger??

 

[EON Kid]

Quote from Chicago_CTA:

WTF? What was that spike in the last minute?

1.50?


fat finger??

Iranian parliament drafts bill, to block Strait of Hormuz

*drafts*

 

[macattack]

Quote from Chicago_CTA:

WTF? What was that spike in the last minute?

1.50?


fat finger??

That's why I was asking about where the orders come from earlier. Who would place a trade to cause a move like that & why?