Adjusting

I am selling calls into strength against my short put position in MGM. The stock rallied today and really took off when the US Administration spoke about providing support to the industry in light of COVID-19. I am not a supporter of corporate bailouts as they tend to reward bad…

Rolling out this spread to June expiry to buy some more time to be right. Position adjusted as follows: Original: Sold /ZB Mar 164′ 29 and bought 2 x /ZN Mar 131’24 Closed: Bought /ZB Mar 166′ 24 and sold 2 x /ZN Mar 132’21 Sold /ZB Jun 165′ 25…

Well the bottom fell out of natural gas so I will be holding onto it until it recovers. Therefore, I will roll my position from February to March. The good news is that natural gas is in backwardation resulting in a lowered cost basis. I am selling /NG Feb for…

I am adjusting the /ES strangle. Usually I would roll up the puts to collect additional premium as the S&P rose, but this time I decided against doing so for two related reasons. Volatility is low so the credit that would have been received was not sufficient in my estimation…

Apache Corporation’s shares have taken a beating since I put on the December strangle. I am rolling this position into a January straddle with a 22.5 strike. This move gives me more time to be right, additional credit of $1.02 and positive delta as I lean toward the price rebounding…

I am doubling up on this pairs trade as low volatility has offered scant opportunities elsewhere. Adjusted Cost Basis: Sold /ZB Mar 158′ 24 (corrected) and bought 2 x /ZN Mar 129′ 20 Added: Sold /ZB Mar 159′ 30 and bought 2 x /ZN Mar 129′ 255 New Adjusted Cost…

Rolling out this spread to March expiry to buy some more time to be right. Position adjusted as follows: Original: Sold /ZB Dec 159′ 18 and bought 2 x /ZN Dec 129′ 18 Closed: Bought /ZB Dec 159′ 28 and sold 2 x /ZN Dec 129′ 145 Sold /ZB Mar…

I decided to roll the November Bond straddle to December in order to collect additional premium and to buy some more time to be right. The new strike is 159. An additional credit of 1′ 8/64 was collected. So I bought back the original position and sold the following: Sold…