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Forum - Writing Options (Direxion Shares ETF Trust Small Cap Bull 3x - TNA)    For those interested in writing calls, puts, and spreads

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From: Bender24 (Rep: 112) reply to grdngkkoDate: 02/21/2013 20:57
Forum: Writing Options - Msg #963 - List TNA msgs Thread #673504039 (Rec: 0)
Re: Wrote Mar 62 puts @ .55

Yeah, I had been playing with fire writing TNA and FAS at high levels. It caught up to me. I was thinking of possibly writing some bear call spreads, but I decided to roll my shorted puts down further OTM and to next week. But I'm going to be treading carefully with sequestration looming. Any sign of continued weakness and I might have to close and roll again, or sit it out for a bit.

Even if these cuts don't effect on the economy that much(some say it will, some say it won't), the market will react badly to it. If they come in at the final hour and make an agreement, then we'll see a short term run up. Funny how there's always some sort of crisis going on, such as fiscal cliff, debt ceiling, and now this...I'm sure they'll keep it going, lol.

Best of luck.



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Reply to grdngkko - Msg #962 - 02/21/2013 18:38

Re: Wrote Mar 62 puts @ .55

one good thing about a sharp decline (if there ever is a good thing) is the improved premiums. I wasn't comfortable writing puts in the 80s or FAS in the 150s after the sharp runup the past 3 months but this pullback has provided an opportunity to write puts at a lower level. Of course, it can go much lower. A 7% pullback in IWM from the highs could take TNA into the mid 60s. I am heavy in cash so I wouldn't mind starting a position at that level. I also wrote some weekly 70s early this am @ .41. Also short 1 AAPL 435 put expires tomorrow. AAPL not acting well so I may take a break on that one. If the 435 level doesn't hold, it could drop to 400, imo. We'll see how the next few days go. Good luck!
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