Saturday Trades Tuesday Update 4/23/2024 – Bubba Trading

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Saturday Trades Tuesday Update 4/23/2024

Dead cat bounce – look for levels to sell

Markets had a solid rally on Monday, you can look at it a number of ways. In my opinion the rally was nothing more than a relief rally and should be sold at solid resistance levels

The trend is lower, the buyers have dried up, there will no rate cut. Any rally from here over 1% should be sold, you must identify the level to sell.

Roll SPY, QQQ to Wednesday

MARA, and IBM filled. You can work the remaining orders this morning

Rolls

BA – Buy to close 1 April 26th 175/165 Strangle/ Sell to open 1 May 3rd 175/165 Strangle Credit 5.50

BITO – Buy to close 1 April 26th 30/28 Strangle/ Sell to open 1 May 3rd 30/28 Strangle Credit 2.00

AAPL – Buy to close 1 April 26th 172.5/165 Strangle/ Sell to open 1 May 3rd 172.5/165 Strangle Credit 4.00

COIN – Buy to close 1 April 26th 285/200 Strangle/ Sell to open 1 May 3rd 285/200 Strangle Credit 10.00

NUGT – Buy to close 1 April 26th 39 Straddle/ Sell to open 1 May 3rd 39 Straddle Credit 1.50

SQ – Buy to close 1 April 26th 80/75 Strangle/ Sell to open 1 May 3rd 80/75 Strangle Credit 5.00

MRNA – Buy to close 1 April 26th 110/105 Strangle/ Sell to open 1 May 3rd 110/105 Strangle Credit 5.50

TQQQ – Buy to close 1 April 26th 62 Straddle/ Sell to open 1 May 3rd 62 Straddle Credit 1.29

AMZN – Buy to close 1 April 26th 180/175 Strangle/ Sell to open 1 May 3rd 180/175 Strangle Credit 8.00

GME – Buy to close 1 April 26th 15/14 Strangle/ Sell to open 1 May 3rd 15/14 Strangle Credit 1.00

TSLL – Buy to close 1 April 26th 8/7.5 Strangle/ Sell to open 1 May 3rd 8/7.5 Strangle Credit .85

Exercise and Assignment

Chat Room Link

New Trades

HD

IBM

MARA

RIOT

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)

BA- (19.79) (550.00 Credit Collected)
Short 1 April 26th 175 Call
Short 1 April 26th 165 Put
Long 2 May 17th 175 Call
Long 2 May 17th 165 Put

SPY- (23.59) (900.00 Credit Collected)
Short 1 April 22nd 515 Call
Short 1 April 22nd 505 Put
Long 2 May 17th 517 Call
Long 1 May 17th 503 Put
Long 1 May 17th 494 Put

QQQ- (25.98) (1200.00 Credit Collected)
Short 1 April 22nd 442 Call
Short 1 April 22nd 434 Put
Long 2 May 17th 445 Call
Long 1 May 17th 430 Put
Long 1 May 17th 415 Put

COIN- (18.98) (830.00 Credit Collected)
Short 1 April 26th 285 Call
Short 1 April 26th 200 Put
Long 1 May 17th 300 Call
Long 1 May 17th 190 Put

NUGT- (9.33) (900.00 Credit Collected)
Short 1 April 26th 39 Call
Short 1 April 26th 39 Put
Long 1 May 17th 40 Call
Long 1 May 17th 45 Call
Long 1 May 17th 38 Put
Long 1 May 17th 35 Put

SQ- (14.36) (500.00 Credit Collected)
Short 1 April 19th 80 Call
Short 1 April 19th 75 Put
Long 2 May 17th 82.5 Call
Long 1 May 17th 72.5 Put
Long 1 May 17th 70 Put

JPM – (12.11) (900.00 Credit Collected)
Short 1 April 26th 200 Call
Short 1 April 26th 190 Put
Long 2 May 17th 200 Call
Long 1 May 17th 190 Put
Long 1 May 17th 180 Put

AAPL – (12.70) (300.00 Credit Collected)
Short 1 April 26th 172.5 Call
Short 1 April 26th 165 Put
Long 2 May 17th 175 Call
Long 2 May 17th 165 Put

TQQQ- (13.71) (1200.00 Credit Collected)
Short 1 April 26th 61.5 Call
Short 1 April 26th 61.5 Put
Long 1 May 17th 62 Call
Long 1 May 17th 63 Call
Long 1 May 17th 61 Put
Long 1 May 17th 48 Put

MRNA- (16.36) (600.00 Credit Collected)
Short 1 April 26th 110 Call
Short 1 April 26th 105 Put
Long 2 May 17th 115 Call
Long 2 May 17th 100 Put

AMZN- (22.17) (1050.00 Credit Collected)
Short 1 April 26th 180 Call
Short 1 April 26th 175 Put
Long 1 May 17th 185 Call
Long 1 May 17th 190 Call
Long 2 May 17th 170 Put

BITO- (9.45) (750.00 Credit Collected)
Short 1 April 26th 30 Call
Short 1 April 26th 28 Put
Long 1 May 17th 31 Call
Long 1 May 17th 33 Call
Long 1 May 17th 27 Put
Long 1 May 17th 26 Put

TSLL – (2.58) (250.00 Credit Collected)
Short 3 April 19th 8 Call
Short 3 April 19th 7.50 Put
Long 6 May 17th 9 Call
Long 3 May 17th 7 Put
Long 3 May 17th 6 Put

GME – (6.50) (600.00 Credit Collected)
Short 1 April 26th 15 Call
Short 1 April 26th 14 Put
Long 1 May 17th 16 Call
Long 2 May 17th 13 Put

IWM – (12.51) (1700.00 Credit Collected)
Short 1 April 22nd 205 Call
Short 1 April 22nd 199 Put
Long 1 May 17th 205 Call
Long 1 May 17th 212 Call
Long 1 May 17th 199 Put
Long 1 May 17th 193 Put

MU – (15.50) (2050.00 Credit Collected)
Short 1 April 26th 95 Call
Short 1 April 26th 90 Put
Long 1 May 17th 95 Call
Long 2 May 17th 90 Put

GLD – (7.98) (1050.00 Credit Collected)
Short 1 April 26th 207.5 Call
Short 1 April 26th 212.5 Put
Long 1 May 17th 215 Call
Long 1 May 17th 225 Call
Long 2 May 17th 205 Put

By Todd "Bubba" Horwitz|2024-04-23T10:19:31-04:00April 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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