Get started

Premiumselling

Opened (IRA): QQQ September 2nd 270 Short Put... for a 2.82 credit. Comments: Targeting the <16 strike in the shortest duration that is paying around 1% of the strike price in credit in this weakness and comparatively higher IV. As with the IWM short put I put on, this is more of a trade to add back in shorter duration long delta that I stripped off than a "this is a perfect spot to sell a put" sort of trade. I'll look to add at intervals, weakness, and in higher IV, and am fine with taking assignment of shares/selling call against if the market forces me to do that.
NASDAQ:QQQLong
by NaughtyPines
Opened (IRA): SPY October 21st 333 Short Put... for a 3.35 credit. Comments: Having stripped quite a bit of long delta off and given the fact that I still have short delta hedges on, adding back in some long delta in longer duration, targeting the <16 delta strike paying around 1% of the strike price in credit (since SPY is no longer paying in shorter duration with IV dropping sub-25 here). Naturally, if we get another pop in volatility, I'll wade back into shorter duration stuff, assuming SPY is paying; otherwise, I'll reserve shorter duration buying power for the other two broad market ETF's that ordinarily have higher IV than SPY -- IWM and QQQ. Alternatively, I'll look to instruments with high correlation with the broad market to dip my toe in (e.g., XLK (.97 3-month SPY correlation) or SMH (.90 3-month SPY correlation).
AMEX:SPYLong
by NaughtyPines