(03-27-2020, 09:16 AM)Otter Wrote: Sold out of the UAL and SPY 210 Puts today for 5.5% and 4.8% gains, respectively.
Still sitting on the SQQQ. Also have a handful of 10/16/20 SPY 240 Puts in my wife's brokerage account that I am going to keep watching for a bit.
The risk/reward on the UAL and SPY 210s was just too high given the premiums paid, hence the rapid trades.
Sounds like a good trade, and I missed your response to my post yesterday. Yes I bought a few puts, literally only a few for now. Nowhere near enough to hedge my entire port. I don't really intend to trade them for a quick 10% but who knows. I just want to feel a little less sting on consecutive hard down days. I believe the market will soon enough get numb to virus news, but we aren't there yet for sure. I caught a huge break and a lot of the semi-spec stuff I bought last week really ran. I took the opportunity to restore my cash buffer about halfway back to where I'd like it. I haven't dealt with options 6-10 months out before. Buying options period is a very rare thing. I won't be doing it very often. I mishandled this from the beginning and inching my way back. I'll time it wrong like usual if I get in a hurry.
EDIT: Otter, I have much to learn on this long dated put game. The options I purchased are up over 20% and the DOW is only about 200pts lower than when I bought them yesterday. I know the DOW and SPY are not the same thing. I don't recall exactly where the SPY was but not too much different than the DOW % move.