8/8 – Charge to 1495, and beyond

The market has made a strong move to the downtrend lines. 1495 was the intersection of the downtrend line for the SPX. The market pushed, fell, and stalled.


The market has made a strong move to the downtrend lines. 1495 was the intersection of the downtrend line for the SPX. The market pushed, fell, and stalled.
I entered a nice inexpensive OTM Calendar this morning. BTW, this is not to trading advice.
PGR – Jan/Feb I put on 9 units between. .03 and Even. The Reward to Risk is an insane 97:1. I am at a full allocation of this trade on, for one of my accts, and the second is filling up. I don’t think I will put more that 30% of the open interest on this trade, however if the mkt conditions are right, I may. I have been filled on two big orders. The Breakevens are 16.8 and 26.20.
Before the close, I was able to sell 2 units back @ .20. VERY NICE. That almost takes care of two house payments!
MATK- Up nicely today. As per my plan, the underlying moved above a previous high. With that I entered 1 unit of the Dec/Jan 25c-30c for 2.20. With the SPY hitting its 149.5 downtrend line, this was probably ill timed. But it was part of the plan. I will hit my stop exit on today’s trade around this move’s uptrend line. It is mirroring the S&P very closely.
ABI – Exited my Aug/Sept 30p calendar for .60. This was a nice 300% gainer for the month. I exited because the price surpassed previous highs, and moved into theta negative territory. As the underlying came down my exit price was accepted.
OMX – Entered 1 unit Feb/Jan 35p calendar for .05
ADBE – Unit 40p Sept/Oct for .33,.32, and 30. BEs 37.50 and 43.20. 3:1 reward to risk
BMY – Mar/Jan (2month) 30p @ .10 and .08. I picked up 2 units
ACLI – Picked up 1 more unit of 22.5p for even.
GOOG – 2 units of Sept 520/540/560 butterfly. 4.25 and 4.15. I bought on the dip after it’s rally above the consolidation. Let’s see if we can get a run. Lower Vol and Theta decay is in my favor. 4:1 reward to risk.
Noteables:
JBLU has made a nice .65 move today.
SPLS – the underlying is moving toward the 25p strikes. There is the 50MA overhead @ 24.34.

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