Saturday Trades Thursday Update 8/24/2023 – Bubba Trading

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Saturday Trades Thursday Update 8/24/2023

Markets Higher Again This Morning, the Squeeze Continues

The short squeeze rally has continued longer than expected. Markets are higher once again this morning with some news coming out later this morning.

The news should be good based on the recent action. All we can say is this data better blow the doors off or it will be a long way down. The short squeeze coupled with anticipation of this data has taken the markets to over bought.

We are sellers of this rally.

Roll SPY, QQQ, to Friday, the rally will help these rolls.

GME filled.

GLD – Buy to close 1 August 25th 181/179 Strangle/Sell to Open 1 September 1st 181/179 Strangle Credit .66

DIA – Buy to close 1 August 25th 359/351 Strangle/Sell to Open 1 September 1st 109/91 Strangle Credit 1.01

RIOT – Buy to close 1 August 25th 20/17 Strangle/Sell to Open 1 September 1st 20/17 Strangle Credit .60

ZM – Buy to close 1 August 25th 74/71 Strangle/Sell to Open 1 September 1st 74/71 Strangle Credit 1.06

TSLA – Buy to close 1 August 25th 252.5/232.5 Strangle/Sell to Open 1 September 1st 252.5/232.5 Strangle Credit 2.45

COIN – Buy to close 1 August 25th 85/75 Strangle/Sell to Open 1 September 1st 85/75 Strangle Credit 2.33

2023-08-19 Pregame

2023-08-19 Saturday Call Recording

Exercise and Assignment

Chat Room Link

New Trades

GME

HD

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)

TSLA – (11.44) (403.00 Credit Collected)
Short 1 August 25th 252.5 Call
Short 1 August 25th 232.5 Put
Long 1 September 15th 255 Call
Long 1 September 15th 230 Put

COIN – (7.47) (290.00 Credit Collected)
Short 1 August 25th 85 Call
Short 1 August 25th 75 Put
Long 1 September 15th 85 Call
Long 1 September 15th 75 Put

GLD – (6.35) (321.00 Credit Collected)
Short 1 August 18th 181 Call
Short 1 August 18th 179 Put
Long 2 September 15th 182 Call
Long 1 September 15th 178 Put
Long 1 September 15th 175 Put

IWM – (12.10) (720.00 Credit Collected)
Short 1 August 21st 196 Call
Short 1 August 21st 192 Put
Long 2 September 15th 198 Call
Long 1 September 15th 190 Put
Long 1 September 15th 183 Put

QQQ – (24.64) (880.00 Credit Collected)
Short 1 August 21st 378 Call
Short 1 August 21st 366 Put
Long 2 September 15th 380 Call
Long 1 September 15th 364 Put
Long 1 September 15th 354 Put

SPY – (21.25) (900.00 Credit Collected)
Short 1 August 21st 451 Call
Short 1 August 21st 443 Put
Long 2 September 15th 454 Call
Long 1 September 15th 441 Put
Long 1 September 15th 433 Put

RIOT – (5.18) (447.00 Credit Collected)
Short 1 August 25th 20 Call
Short 1 August 25th 17 Put
Long 2 September 15th 21 Call
Long 1 September 15th 16 Put
Long 1 September 15th 11 Put

ZM – (15.15) (912.00 Credit Collected)
Short 1 August 25th 74 Call
Short 1 August 25th 71 Put
Long 2 September 15th 75 Call
Long 1 September 15th 70 Put
Long 1 September 15th 64 Put

DIA – (11.19) (709.00 Credit Collected)
Short 1 August 25th 359 Call
Short 1 August 25th 351 Put
Long 2 September 15th 361 Call
Long 1 September 15th 349 Put
Long 1 September 15th 345 Put

By Todd "Bubba" Horwitz|2023-08-24T08:01:05-04:00August 24, 2023|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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