September Options Update
A week to go before September expiration and I have a lot of puts expiring. I need to plan out what I’m holding through expiration and what I need to make adjustments on. The market has been up for every day for a week now and a pullback seems imminent. However, the market doesn’t care what I think and this could continue. I need a plan either way.
Oil & Gas Equipment & Services
BAS was a lottery pick no doubt about it. I’m short the Sep 7.50 puts and there is a good chance I could be put this stock but after the melt-up this morning I’m not so sure. I’m holding for now.
BAS-Hourly
SII is also moving according to plan. I’m short the Sep 25 strike puts. I see no reason to adjust this position at this point.
Semiconductors
ENER
There is a chance I will be put ENER at 12.50 but I’m fine with that. ENER had a really big move on very high volume back on the 8th. It is currently battling the declining 50 day SMA so I need to be concerned with that. If put the stock I will likely look to immediately sell 13 or 14 strike calls on it.
ENER Hourly
JASO
The JASO and ENER charts look pretty similar. JASO was more of a gamble as I sold these puts well in the money to begin with (Sep 5 puts). Selling short ITM puts can be a very profitable strategy but you have to be very careful. I did this successfully with JASO back on June 24th and bought them back on August 11th.
There was a lot of volume on that recent push to 4 and I’m hoping this is some consolidation. If it can’t get back above 4.10 before expiration I’m getting out or rolling them to October.
JASO-Hourly
Metals and Minerals
RTI I’m short the Sep 17.50 puts. This is moving nicely. Higher highs and higher lows, no adjustments necessary.
RTI-Hourly
Medical Instruments and Supplies
BEAT was a ridiculous trade and I am little embarrassed to even have it on here. I’m embarrassed because the reasons I entered the trade completely go against my rules. However, it is moving in my favor and it looks to have absorbed the 50 day SMA. High volume on recent rallies might suggest accumulation.
BEAT-Hourly
ETF
UNG
I am short some UNG 14 strike calls that should expire well OTM. UNG continues to rip, but I’m still staying away until that 50 day SMA flattens out. I will look to sell Oct 14 calls after expiration.
UNG-Hourly