{"id":1700,"date":"2020-08-12T17:32:43","date_gmt":"2020-08-12T17:32:43","guid":{"rendered":"https:\/\/tradejolt.com\/wordpress\/?p=1700"},"modified":"2020-08-12T17:32:43","modified_gmt":"2020-08-12T17:32:43","slug":"spy-12-august-rolls","status":"publish","type":"post","link":"https:\/\/tradejolt.com\/wordpress\/spy-12-august-rolls\/","title":{"rendered":"SPY – 12 August Rolls"},"content":{"rendered":"
\"\"<\/a>
SPY thumbail 12 August midday<\/figcaption><\/figure>\n

SPY continued to ride the Corona Express roller-coaster today, rising sharply after swooning 7 points in late trading yesterday. Looking
\nat the technicals, I was convinced SPY would rally to 334, but drop from there to around 332 by the end of the week, and possibly lower to $329.<\/p>\n

Late on the 11th I believed the downturn was temporarily done and we were due for a dead-cat bounce up to 334. So I did not yet want to close my 337 deep-in-the-money put, hoping to buy it back cheaper as the price reached 334 again. But as the market was moving fast, I placed a buy order if SPY breached lower lows. That happened after hours, at a price of $4.12, resulting in a loss of $2.63 per share. I normally would have sold a 334 put at that time, to bring in additional premium. Oh well...<\/p>\n

This morning, SPY had gapped up to 335, a little higher than I expected. Looking at the charts, I still expected it to hover around $334 for a day or so before dropping lower. So I collect my aug 12 337 calls to 334 bringing in $2.52 in premiums, <\/p>\n

Of course, SPY did not care what I thought, and did its own thing. to my surprise, it reached all time highs at $337.47. So I had to roll with the punches, even though I'm still not convinced that we are not seeing a double top formation. I learned years ago to listen to what the market says, and not what I think it should do...<\/p>\n

So I again rolled to the now higher centered point at $336. I could have centered at a strike of 337, but again, I felt that the runup was overdone, not being accompanied by any positive news on the political front regarding corona-support measures. <\/p>\n

\"\"<\/a>
SPY 12 August rolls<\/figcaption><\/figure>\n

When the dust had settled at midday, I had a small loss overall of $511 or $3.19 per share, with a cash flow reduction of $2349 or $1.47 per share.<\/p>\n

size: 16 contracts
\nbasis $48,535 or $28.56 \/ share
\ncash flow $14,943 or $9.33 \/ share
\np&l $12,318 or $7.69 \/share <\/p>\n","protected":false},"excerpt":{"rendered":"

SPY continued to ride the Corona Express roller-coaster today, rising sharply after swooning 7 points in late trading yesterday. Looking at the technicals, I was convinced SPY would rally to 334, but drop from there to around 332 by the end of the week, and possibly lower to $329. Late on the 11th I believed […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_bbp_topic_count":0,"_bbp_reply_count":0,"_bbp_total_topic_count":0,"_bbp_total_reply_count":0,"_bbp_voice_count":0,"_bbp_anonymous_reply_count":0,"_bbp_topic_count_hidden":0,"_bbp_reply_count_hidden":0,"_bbp_forum_subforum_count":0,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[5],"tags":[],"class_list":["post-1700","post","type-post","status-publish","format-standard","hentry","category-trades"],"_links":{"self":[{"href":"https:\/\/tradejolt.com\/wordpress\/wp-json\/wp\/v2\/posts\/1700","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tradejolt.com\/wordpress\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tradejolt.com\/wordpress\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tradejolt.com\/wordpress\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/tradejolt.com\/wordpress\/wp-json\/wp\/v2\/comments?post=1700"}],"version-history":[{"count":1,"href":"https:\/\/tradejolt.com\/wordpress\/wp-json\/wp\/v2\/posts\/1700\/revisions"}],"predecessor-version":[{"id":1704,"href":"https:\/\/tradejolt.com\/wordpress\/wp-json\/wp\/v2\/posts\/1700\/revisions\/1704"}],"wp:attachment":[{"href":"https:\/\/tradejolt.com\/wordpress\/wp-json\/wp\/v2\/media?parent=1700"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tradejolt.com\/wordpress\/wp-json\/wp\/v2\/categories?post=1700"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tradejolt.com\/wordpress\/wp-json\/wp\/v2\/tags?post=1700"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}