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Shortput

Opening (IRA): SPY March 17th 280 Short Put... for a 2.81 credit. Comments: Part of a longer-dated premium selling strategy in broad market to keep theta on and burning while I wait for shorter duration to be more productive. Targeting the <16 delta strike paying around 1% of the strike price in credit. Will generally look to roll either intraexpiry or for duration at 50% max. I'm also looking to attempt to remain more maximally deployed, which can be difficult if you're going to do things primarily this way versus some mix of long stock positions (which tie up oodles of buying power) with premium selling positions as an add-on or as an acquisitional approach (i.e., short put, acquire, cover). One way to look at these longer-dated positions is that they're small stock positions (which people are generally more comfortable with holding for extended periods of time), even though they differ in one fundamental way, and that's they're dynamic (as opposed to being static delta, as stock would be). Additionally, the ROC as a function of buying power effect (annualized or otherwise) isn't exactly fabulous out of the box, which is why you'll want to roll these at 50% max to collect additional credit (without extending duration if you can) to bring in more of "the fabulous."
AMEX:SPYLong
by NaughtyPines
Opening (IRA): IWM December 23rd 156 Short Put... for a 1.67 credit. Comments: Targeting the <16 strike in the expiry nearest 45 days paying around 1% of the strike price in credit. This is more about not letting my IWM position get too short delta than about putting on an "ideal" premium selling trade. I still have an IWM short delta hedge on that is marking at around -60 delta (See Post Below) and had only one IWM short put rung on at the December 16th 164 (+23 delta at the moment), so the position was leaning more net delta short than I would like. This long delta additive trade will make my IWM position "net delta flatter."
AMEX:IWMLong
by NaughtyPines