Quick notes to my followers.
I am considering switching my instance from a Mastodon one running in a VSP to Plemora/Soapbox running on an extra box I have at home.

So if you got a follow from @midway@soapbox.midwaytrades.com, it's still me.

I'm not killing off this account yet, but I'll be testing the new instance and, if I like it, I'll make the switch.

So we had a nice down move today in SPX and the fly I put on Weds closed for a quick 8% profit.

The other fly is doing well. It's basically at break even which is good since I've made 2 adjustments on that one.

VIX finally dropped below 25 at least for a moment so I went ahead and took off my long-standing VIX put vertical for basically break-even (2% gain). Not what I was hoping for but it was a small spec trade that ran for 37 days out of a possible 51 so it was good just to get out and not lose.

But the good news is that SPX is quite tradable again. I have 2 different flies on now that are holding up fine.

Stay tuned for updates

@atomicpoet @TerryHancock

The whole things started as a rehash. It wasn't anything new. FFS, they literally created Death Star 3.

Snokes was an interesting bad guy. They promptly killed him off in a uninteresting way.

There was plenty of lore from which they could have pulled. They decided to make something their critic friends would like. Bold move, but if your goal is to make money, not the smartest move.

So it looked like I got a bit whipsawed yesterday, but the SPX fly is still doing ok today.

However, I did put on a new 2-lot SPX fly 23 DTE 70 up/down centered at 4125.

The VIX put vertical almost came off today, but then sank back down. Still waiting on that one.

Well real life got in the way so I did go ahead and sell off the lower flies since I wasn't going to be able to stay close to it up until close.

It did come back so I probably wouldn't have made the adjustment had I been able to watch it, but it's still not bad. I did cut the deltas a bit which is good.

This is the life of a retail trader with a day job.

I was traveling on Friday so it wasn't easy to do an update. But around noon I added 3 70up/70down flies centered at 4155 as we were up a lot. By the end of the day, we closed just above 4155 which would normally cause me to close the lower files, but my schedule didn't really allow it. Not a huge deal a we were 3 points over and on such a big up move it's quite possible for us to drop on the next trading day.....which happened today so I still have the double fly on.

On the road so no screen shot but I did adjust my SPX fly today as we were up sharply. I added 70/70 files in the calls at 4155. That should keep it in good shape for the weekend.

At least the up move is helping my VIX put vertical.

Enjoy the long weekend. Off to Indy for the 500.

Welcome back SPX! Vol has stayed in a reasonable range for a bit so I went ahead and put on a small put butterfly. I like these in this environment because thanks to skew there is almost no short term downside risk. So if we move 80 points down tomorrow, the trade is fine. The upside would need some adjustments but nothing too crazy. I went 35 days out, centered at 4060 with wings 70 up/down. While i usually go unbalanced, I think balanced makes sense here.

It's good to be back in SPX!

My VIX put verticals are getting a bit long in the tooth. I had a chance to take the smaller (and higher) one off this morning for about 3%. Not what I was going for, but it's a spec trade and I'll take what I can get with it.

The bigger one is still on. Will keep it on for a while and see if I can get something for it. Still some time left, but not as much as before. 20 DTE on 50 day-contracts.

The GLD trade didn't work out. Still learning it but I probably should have gotten out Monday or so. That's what spec is for...to learn. Keep these types of trades small.

Over my multiple calendars, it still looks like I'm up overall, but this one sucked. Oh well. Hopefully I can get back into SPX tomorrow if things don't go nuts. Fingers crossed.

Midway boosted

As the international World Economic Forum meetup at Davos gets underway, here's a simple illustration of how elitist this place is.

CNBC video from 2015 of a couple eating lunch there. Their order? A Caesar salad and hot dog. The cost in USD? $100.


GLD jumped today so I added call cals at 174.5 to make a double cal.
Not ideal, but it gives me room. I may have to take this into next week due to the adjustment.

Ok, now that Powell spoke, I went ahead an put on a new GLD Calendar. 10-days, 25-lot centered at 169. Following the usual trade plan. Will try to see what I can this week on it. Will adjust as late as Friday if needed.

So I went ahead and closed the GLD double calendar for a small proift. Not a fan of expiration week. Would have closed today or tomorrow in any case. Not bad for having to adjust it. As long as GLD stays reasonable, I'll put on another 10-day Cal after Powell speaks tomorrow.

SPX popping again helped my two VIX verticals. The smaller one is actually above water. Still waiting on those.

Ok, I'm still learning the GLD trade and this is the first week I'm adjusting and taking it into the weekend by adding calendars on the lower side (166 in the calls to my 172 in the puts). Let's see how this goes.

I generally don't like to be in during expiration week so my plan is to be out by Mon or Tuesday of next week. But this double calendar has a ton of room so this should be possible short of a really big move.

The 2 VIX verticals did a bit better today with the pop in SPX.

Today is a good lesson in volatility. Most folks think vol and stock prices are inverses. They are ... until they are not.

Today is an example, SPX is down 1.5%. VIX is ... down 1.25%.

On a normal day this isn't the case. But today was the CPI announcement day. Some of the vol going into today was the uncertainty of the report. Once that report comes in, that part of the vol comes out.

Welcome to a vol crush. You'll see this on earnings days too.

Until next time... :)

GLD seems to have calmed down for now so I put on another 20-lot put calendar centered at 172 This is pretty much the only thing I'd consider putting on before the CPI # tomorrow. But I'm still keeping it small.

I went ahead and took 12.5% on the GLD calendar this week. Still learning this trade so this is fine.

VIX wasn't up too much today so those 2 verticals are down but still have a lot of time. Enjoy the weekend!

VIX is up 4SD today. So while my first VIX put vertical is hurting a bit (but still has a ton of time), I went ahead and put a small one on as well (30/25, 41 days out) This one is a bit higher and a bit smaller, but why not? Not much else going on that's interesting.

GLD calendar is looking good today. Hope to get out tomorrow

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This instance is to talk about trading. Trading conversations are welcome. This is also where the admin posts his trades as they happen so if you want to follow them, follow @midway@midwaytrades.com