Is the stock market going to tank?

[m2711c]

profit taking time.

[Toadman]

I sold put options priced at 34 expiring on Sept 11 ie today. That means someone has the right to sell me shares of NKLA at 34. I sold them for an option premium of .65 yesterday

I short sold shares of NKLA at 39.

I am pretty happy to buy shares of NKLA ( to cover my short) at the 34 price at which I'm forced to buy them from the other side of the put option.

I also pocketed the option premium of .65 per option traded.


Edit. NKLA now at 32s so I capped my profit at 5.65.

The short sharks are out today, and they smell NKLA in the water. Good on you Lee. Looks like you scored decent on that trade.

[billyk]

I sold put options priced at 34 expiring on Sept 11 ie today. That means someone has the right to sell me shares of NKLA at 34. I sold them for an option premium of .65 yesterday

I short sold shares of NKLA at 39.

I am pretty happy to buy shares of NKLA ( to cover my short) at the 34 price at which I'm forced to buy them from the other side of the put option.

I also pocketed the option premium of .65 per option traded.


Edit. NKLA now at 32s so I capped my profit at 5.65.

Thanks, I figured out most of that. So, the 34 Is the strike price. But what does “er” mean?

Edit: so maybe I’m overthinking this, looking for some technical meaning to what “er” means in 34er? Is “er” Canadian for “ish”?

[LeeLau]

Thanks, I figured out most of that. So, the 34 Is the strike price. But what does “er” mean?

Edit: so maybe I’m overthinking this, looking for some technical meaning to what “er” means in 34er? Is “er” Canadian for “ish”?

"er" is finance lingo. It's certainly not technical.

NKLA kept tanking and IV on the options shot up from mid 150% to 250%. Shorted 29, and 31 puts. Shorted another round at 32 thinking that would cover at 31 if puts got assigned. However dumb luck both the second short sale and the short puts came out winners.

So am now simply short NKLA via stock and some Oct puts. May keep the short on and buy some calls to hedge. Borrow rate is now a lot less than before.

[billyk]

"er" is finance lingo. It's certainly not technical.

Got it, thanks for explaining.

[bridgerskier]

I think tech has lots if ‘adjustments’ still to go before I trust it.

[roverdoc]

The beauty of being in the long game. Bought more of my favorites this week on sale. Gobble gobble. I’m also heavily weighted in tech and don’t mind some needed correction, profit taking by others etc. just sell me your shares. 10 years from now these prices are going to look stupid cheap.

[mcsquared]

The beauty of being in the long game. Bought more of my favorites this week on sale. Gobble gobble. I’m also heavily weighted in tech and don’t mind some needed correction, profit taking by others etc. just sell me your shares. 10 years from now these prices are going to look stupid cheap.

Let's admit it. We invest to make money. When we are wrong on the direction and lose money, we tell ourselves things like "buy the dip!" "In it for the long term" etc. so that we are never wrong. This happens on to both bulls and bears. Things could easily be lower in 10 years. But "Buy the Dip!"

[Benny Profane]

Most stocks suck.

https://theirrelevantinvestor.com/20...t-stocks-suck/

[billyk]

Going to pay closer attention next time there’s a “quadruple witching”.

[LeeLau]

"er" is finance lingo. It's certainly not technical.

NKLA kept tanking and IV on the options shot up from mid 150% to 250%. Shorted 29, and 31 puts. Shorted another round at 32 thinking that would cover at 31 if puts got assigned. However dumb luck both the second short sale and the short puts came out winners.

So am now simply short NKLA via stock and some Oct puts. May keep the short on and buy some calls to hedge. Borrow rate is now a lot less than before.

Covered NKLA and took profits

[billyk]

Good buying opportunities this morning.

[4matic]

Good buying opportunities this morning.

You are already long? What's the good buy based on? That's it's down?

[billyk]

You are already long? What's the good buy based on? That's it's down?

Just wishful encouragement. Please, buy the dip!!’

[liv2ski]

No thanks, I sold that years ago.

[4matic]

SP 3000~ goes all the way back to early 2018. Simple test of the breakout is another 10% lower.

[Ted Striker]

plus election year, plus covid

[4matic]

If APPL gaps lower in the next few days/weeks it sets up really bearish chart.

[billyk]

Just wishful encouragement. Please, buy the dip!!’

Well, thanks to all the QQQ dip buyers. That helped some. Now, can I interest you in some CHEF?

[Stu Gotz]

Covered NKLA and took profits

Super impressed that a company teetering on the fraudulent abyss is still worth $10 Billion.

[LeeLau]

Super impressed that a company teetering on the fraudulent abyss is still worth $10 Billion.

Its a cult. A $10 per share profit in 2 days is not to be taken.

Next catalyst 250 million shares will become eligible for sale on December 3, including 91.6 million controlled by Trevor Milton.

Opened credit call spread on NKLA. Short 31C long 35C Sept25.

Also now net long WKHS, another EV stock. Short stock, long Oct calls, short Sept puts which I'll roll.

Long KCAC. A Spac which is taking a battery maker public

[byates1]

pussies.

[byates1]

the guy i'm going to die w is a sharp tack, younger than me.
for all you young investors, you should def talk w this mofo..

you have time. ha.

[Cono Este]

The beauty of being in the long game. Bought more of my favorites this week on sale. Gobble gobble. I’m also heavily weighted in tech and don’t mind some needed correction, profit taking by others etc. just sell me your shares. 10 years from now these prices are going to look stupid cheap.

Wow


Unless, unless, for some reason, you lose your job, get divorced, or for whatever reason need the cash instead.


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[jono]

Thanks for reminding us that the long game is not the short game.