On the S&P 500 I moved to SPY and just sold a strangle for "78 cents" way out wide ... and closed it a day early, just taking $68 of the $78 dollars I would have gotten on that one.
If these two trades really pay off 90% of the time, with "wide wings" I should be able to make a good living trading them (along with the once per month a.m. settled NDX trade) ... fingers crossed!
The futures trades I have on are mostly paying off, still, but they mostly don't have frequent enough expirations to use like the NDX and SPX trades we're trying ... but I'm leaving them on this week because they shouldn't be too troubled by....
Next week is the U.S. election, and with the Democrats all but sure to win the house and the market today only holding up a little bit at the end because of this:
Trump says 'I think we'll make a deal with China' on trade
But this was seen as just a transparent attempt to prop up the stock market before the election ... which gave me a chance to sell /ES futures contracts around 2722 when they bounced late in the day.
Everybody in the world is expecting the Democrats will take the House of Representatives this election, which will mean only one thing for the market:
I am thus staying out of the neutral trades this week and instead just sold futures contracts and a 'bear call spread' on SPX in the non-futures-capable accounts I am trading. (These return about 30% for the week all by themselves.)
Finally, AAPL told the world that they aren't going to report sales numbers anymore, and that was not popular:
Tim Knight reported that one millenial who's gotten used to putting everything into this trade got wiped out this time ...
Let's be prudent out there ... more next week!
No comments:
Post a Comment