Saturday Trades Friday Update 8/23/2024 – Bubba Trading

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Saturday Trades Friday Update 8/23/2024

Markets Rebounding after Thursday beatdown

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Password: 888848

Markets took a beating on Thursday and have regained about half of the losses back. It has been very slow which makes Chair Powell’s speech in Jackson Hole this morning dangerous. The markets are not as liquid as we would like.

Roll SPY, QQQ , and IWM to Monday. If you made any of the adjustments below, roll accordingly

On the open calendars, you have 3 choices.
1. Do nothing and continue daily rolls
2. Roll up both the long and short calls to around the money
3. Roll up the September call creating a short position

Futures Ratio Spread

BUY THE AT THE MONEY CALLS FOR NEXT FRIDAY ON BOTH TRADES. WAIT UNTIL THE END OF THE DAY, LET THE PREMIUM COME OUT

Sell 6 MES Futures – 5578
Buy to open 5 ATM Calls August 23rd 555 Calls

Sell 6 MNQ Futures – 19605
Buy to open 5 ATM Calls August 16th 475 Calls

Bubba

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New Trades

SPY

QQQ

NVDA

COIN

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)

SPY – (15.27) (300.00 Credit Collected)
Short 1 August 19th 537 Call
Short 1 August 19th 523 Put
Long 1 September 20th 539 Call
Long 1 September 20th 521 Put

IWM – (17.19) (200.00 Credit Collected)
Short 1 August 19th 209 Call
Short 1 August 19th 201 Put
Long 2 September 20th 211 Call
Long 2 September 20th 199 Put

QQQ – (19.51) (300.00 Credit Collected)
Short 1 August 19th 455 Call
Short 1 August 19th 439 Put
Long 1 September 20th 455 Call
Long 1 September 20th 439 Put

SLV – (5.22) (250.00 Credit Collected)
Short 1 August 16th 28 Call
Short 1 August 16th 28 Put
Long 2 November 15th 29 Call
Long 1 November 15th 27 Put
Long 1 November 15th 25 Put

By Todd "Bubba" Horwitz|2024-08-23T07:37:48-04:00August 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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