Saturday Trades Friday Update 2/23/2024 – Bubba Trading

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Saturday Trades Friday Update 2/23/2024

Huge rally Thursday, markets soft this morning

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Markets exploded on Thursday, from the short squeeze and earnings. The rally was big and relentless, this morning they are a little soft. This action was to be expected.

The real key is what happens from here. If you look at a chart the rally took the indices back to resistance, still indicating the tops are in.

It’s Friday, even with the big rally, markets appear to be stalling. We are sellers until new highs are made, there is still a lower high in place

Roll SPY, QQQ, and IWM, to Monday

All rolls should be complete, another big week

Rolls

TSLL – Buy to close 1 February 23rd 10.5/10 Strangle/ Sell to open 1 March 1st 10.5/10 Strangle Credit .50

SQ – Buy to close 1 February 23rd 72/62 Strangle/ Sell to open 1 March 1st 72/62 Strangle Credit 1.10

MRNA – Buy to close 1 February 23rd 95/85 Strangle/ Sell to open 1 March 1st 95/85 Strangle Credit 2.00

DKNG – Buy to close 1 February 23rd 46/41 Strangle/ Sell to open 1 March 1st 46/41 Strangle Credit .75

COIN – Buy to close 1 February 23rd 135/120 Strangle/ Sell to open 1 March 1st 135/120 Strangle Credit 2.63

BABA – Buy to close 1 February 23rd 75 Straddle/ Sell to open 1 March 1st 75 Straddle Credit 1.50

AMD – Buy to close 1 February 23rd 185/170 Strangle/ Sell to open 1 March 1st 185/170 Strangle Credit 3.00

Exercise and Assignment

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New Trades

OPEN TRADES

(Some of the call strikes could be different from what you are holding. I’m reflecting the rolls made on the open, some of you rolled again. This is a guide)

TSLL – (1.49) (33.00 Credit Collected)
Short 1 March 1st 10.5 Call
Short 1 March 1st 10 Put
Long 2 March 15th 10.73 Call
Long 2 March 15th 9.73 Put

SQ – (8.29) (80.00 Credit Collected)
Short 1 March 1st 72 Call
Short 1 March 1st 62 Put
Long 2 March 15th 72.5 Call
Long 2 March 15th 62.5 Put

SPY – (14.82) (310.00 Credit Collected)
Short 1 February 23rd 506 Call
Short 1 February 23rd 499 Put
Long 1 March 15th 508 Call
Long 1 March 15th 509 Call
Long 1 March 15th 497 Put
Long 1 March 15th 495 Put

QQQ – (17.31) (350.00 Credit Collected)
Short 1 February 23rd 439 Call
Short 1 February 23rd 429 Put
Long 2 March 15th 442 Call
Long 1 March 15th 428 Put
Long 1 March 15th 425 Put

MRNA – (11.40) (617.00 Credit Collected)
Short 1 March 1st 95 Call
Short 1 March 1st 85 Put
Long 1 March 15th 95 Call
Long 1 March 15th 102 call
Long 2 March 15th 85 Put

DKNG – (5.66) (165.00 Credit Collected)
Short 1 March 1st 46 Call
Short 1 March 1st 41 Put
Long 2 March 15th 46 Call
Long 1 March 15th 41 Put
Long 1 March 15th 40 Put

COIN – (27.13) (3856.00 Credit Collected)
Short 1 February 23rd 135 Call
Short 1 February 23rd 120 Put
Long 1 March 15th 140 Call
Long 2 March 15th 115 Put

IWM – (12.34) (700.00 Credit Collected)
Short 1 February 23rd 198 Call
Short 1 February 23rd 192 Put
Long 2 March 15th 200 Call
Long 1 March 15th 205 Call
Long 2 March 15th 190 Put

BABA – (14.15) (1090.00 Credit Collected)
Short 1 March 1st 75 Call
Short 1 March 1st 75 Put
Long 1 March 15th 75 Call
Long 1 March 15th 77 Call
Long 1 March 15th 75 Put
Long 1 March 15th 70 Put

AMD – (21.70) (1800.00 Credit Collected)
Short 1 March 1st 185 Call
Short 1 March 1st 170 Put
Long 2 March 15th 190 Call
Long 1 March 15th 165 Put
Long 1 March 15th 162.5

By Todd "Bubba" Horwitz|2024-02-23T08:37:09-05:00February 23, 2024|BAD, Sunday Night Options|Comments Off

About the Author: Todd "Bubba" Horwitz

For more than 36 years, Todd “Bubba” Horwitz has enjoyed a successful career in the financial industry. He began his profession in 1980 as was one of the original market makers in the SPX Trading Pit at the Chicago Board of Options Exchange. He has traded at all of the major exchanges in Chicago and is currently a member of the CBOT. In addition to his trading, for the past five years he has concentrated on writing, education, and a media career.

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