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OPENING: QQQ JULY/NOVEMBER 234/290 LONG PUT DIAGONAL

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... for a 48.23 debit

Metrics:

Max Loss: $4823 on setup
Max Profit: $1277 on setup (26.5% ROC)
Break Even on Setup: 246.77 vs. 243.72 spot
Debit Paid to Spread Width Ratio: 79.1%

Notes: Either a standalone short with the Q's at all-time-highs or a broad market short delta hedge against a long stock portfolio with the back month set up in the expiry nearest the November general elections.

交易進行

About all I did today: rolled the 234 out a mere week to the July 24th 234 on this volatility expansion for an .86 credit. Scratch at 47.37 with the break even now at 247.63. With the sell-off occurring so immediately after I put this on (pure, dumb luck, really), I didn't want to extend duration too much if it continues on its merry way and the setup is amenable to max (which will occur toward expiry of the front month, assuming price is below the short put).

交易進行

Rolled the 234 out another week to the July 31st 234 for a .90 credit on this $5 down move; scratch at 46.47 with the break even now at 248.53 versus 243.71 spot.

註釋

Ugh. Another "senior moment." Should be the November 295's, not the 290's as shown in the header.

交易進行

Rolled the July 31st 234 to the 30 delta August 7th 241 for a 1.94 credit; scratch at 44.53 with a 250.47 break even versus 252.19 spot. Now a 54 wide with a 9.47 max profit metric.

交易進行

Rolling the August 7th 241 to the August 14th 246 (30 delta) for a 1.68 credit; scratch at 42.85 with a 252.15 break even. Trying to keep within earshot of price action here.

交易進行

Finally some weakness to roll into ... . Rolling the August 14th 246 to the August 21st 246 for .91. Scratch at 41.94 with a 253.06 break even.

交易進行

A little more weakness ... and another roll. Rolling the August 21st 246 to the August 28th 252 (30 delta) for a 1.95 credit. Scratch at 39.99 with a 255.01 break even.

交易進行

Rolling the August 28th 252 to the September 18th 255 for a 3.00 credit. Scratch at 36.99 with a 258.01 break even.