Live: Friday, Sept. 28, 2018

8 p.m. New York time

I shall post my weekly discussion of economic reporting, The Week Ahead, on Saturday.

16:05 p.m. New York time

My attempts to exit GNRC and KMX  failed, as the asking price never came sufficiently close to those levels to attract a trade. The market price for the GNRC options was $0.70, and for KMX, $2.70, each 10 cents above target exit price. I shall re-establish the orders on Monday if the market prices are within the ballpark.

12:50 p.m. New York time

One of the perils of trading East Coast markets from the West Coast is the occasional need to catch up on sleep. The leisurely 9:30 a.m. opening bell in New York or the Chicago Board of Options Exchange kick-off kickoff at 8:30 a.m. is transformed into a hellish 6:30 a.m. at Private Trader’s home base, Portland, Oregon. Normally I’m a morning person, but a string of early mornings caught up with me this morning, and after 10 hours sleep, i came awake at 9:10 a.m. local time, noonish in New York.

So it goes.

Despite my slothful sleeping, I was greeted with two potential good surprises. My iron condor on GNRC reached an asking price of $0.60 per contract, or 50% of maximum potential profit, the point at which I manage such positions, and my iron fly on KMX reached an ask of $2.60, or 25% of maximum potential profit, the management point for the iron flies.

I have entered exit orders on both symbols at the prices given above. I’ve had no takers on those long orders, which are attempting to buy back the options positions for a debit less than the credits I received when entering the positions. Both positions expire Oct 19, so there’s still some time to play with as time decay, which works in my favor on short positions such as these, picks up the pace.

Status of options positions:

sym option debit share price curr % max profit net prft/shr $ option days left
AMD 0.55 30.38 43.9 0.43 7
EWZ 0.72 33.95 16.3 0.14 49
GNRC 0.60 57.14 50.4 0.61 21
JBL 1.83 27.39 (33.6) (0.46) 21
KMX 2.60 75.67 25.1 0.87 21
MU 0.66 45.47 34.7 0.35 21
NKE 2.50 85.12 19.1 0.59 21
SPY 3.17 290.84 (3.3) (0.10) 49

Status of share positions:

sym share price net result % net profit $ days held
AAPL 225.05 0.5% 1.09 14
CHK 4.53 13.3% 0.53 14
FXI 42.94 4.2% 1.73 14
SPXU 32.13 -20.8% (8.43) 136
VNQI 56.19 -1.1% (0.62) 15

By Tim Bovee, Portland, Oregon, Sept. 28, 2018

Tim Bovee, Private Trader tracks the analysis and trades of a private trader for his own accounts. Nothing in this blog constitutes a recommendation to buy or sell stocks, options or any other financial instrument. The only purpose of this blog is to provide education and entertainment.

No trader is ever 100 percent successful in his or her trades. Trading in the stock and option markets is risky and uncertain. Each trader must make trading decisions for his or her own account, and take responsibility for the consequences.


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