Saturday Trades Wednesday Update 2/21/2024 – Bubba Trading

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Saturday Trades Wednesday Update 2/21/2024

The selling continues signaling a top

Markets are under pressure again this morning, this is signaling a possible top in place. The action has been weak and volatility is expanding. There is no telling how low they will go on this sell off

On the other side of the coin we expect a rally which will be one to sell. Identify levels and look to sell the rallies until the markets prove they are going higher once again

Roll SPY, QQQ, to Thursday and IWM to Friday

All new trades have filled

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

Chat Room Link

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) (Credit Collected)
Short 1 February 23rd 10.5 Call
Short 1 February 23rd 10 Put
Long 2 March 15th 10.73 Call
Long 2 March 15th 9.73 Put

SQ – (8.29) (Credit Collected)
Short 1 February 23rd 72 Call
Short 1 February 23rd 62 Put
Long 2 March 15th 72.5 Call
Long 2 March 15th 62.5 Put

SPY – (14.82) (Credit Collected)
Short 1 February 21st 506 Call
Short 1 February 21st 499 Put
Long 2 March 15th 508 Call
Long 2 March 15th 497 Put

QQQ – (17.31) (Credit Collected)
Short 1 February 21st 439 Call
Short 1 February 21st 429 Put
Long 2 March 15th 442 Call
Long 2 March 15th 428 Put

MRNA – (11.40) (Credit Collected)
Short 1 February 23rd 95 Call
Short 1 February 23rd 85 Put
Long 2 March 15th 95 Call
Long 2 March 15th 85 Put

DKNG – (5.66) (50.00 Credit Collected)
Short 1 February 23rd 46 Call
Short 1 February 23rd 41 Put
Long 2 March 15th 46 Call
Long 2 March 15th 41 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) (500.00 Credit Collected)
Short 1 February 20th 198 Call
Short 1 February 20th 192 Put
Long 2 March 15th 200 Call
Long 1 March 15th 205 Call
Long 2 March 15th 190 Put

BABA – (14.15) (740.00 Credit Collected)
Short 1 February 23rd 75 Call
Short 1 February 23rd 75 Put
Long 2 March 15th 75 Call
Long 1 March 15th 75 Put
Long 1 March 15th 70 Put

AMD – (21.70) (945.00 Credit Collected)
Short 1 February 23rd 185 Call
Short 1 February 23rd 170 Put
Long 2 March 15th 190 Call
Long 2 March 15th 165 Put

By Todd "Bubba" Horwitz|2024-02-21T08:43:59-05:00February 21, 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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