August Options expiration – the plan

As per my usual process, I have spent time this week creating a plan for existing trades that have August Options as part of the trade (either the trade itself or a component tied to stock). I have begun the process of adjusting trades a little earlier in the week –  that I still like – out to the September Option chain as I have a large amount that need attention this month.

Here is the plan for existing trades:

$IBM I am short the August 185 Puts (1/2 position size) and expect this to expire, keeping the premium collected. (I am short the same strike for next week as well)

$NSM I am long stock with the August 50/50/45 Collar. This means I am short the August 50 Calls and long the 50/45 Put Spread. The Put spread long piece is ITM so I am going to wait until Friday to adjust this (or take the trade off entirely)

$Z I am long stock with the Sep/Aug/Aug 90/85/65 Collar. This means I am short the September 90 Calls and long the August 85/65 Put Spread. I will address the August pieces on Friday

$DVA I am long stock with the August 120/115 Collar. Price has been hanging out at the $115 level so I will wait until later in the week to adjust to September (Long Term position, want to keep)

$PCYC I am long stock (Fab 5 member) with an August 110/100/90 Collar. This means I am short the 110 Calls and long the 100/90 Put Spread. Price has pulled back to near the short Call strike so I will address later as we get closer to expiration Friday

$PII I am long stock (Fab 5 member) with an August 105/100 Collar. This means I am short the 105 Calls and long the 100 Puts. The short Calls are currently ITM so I will need to address by Friday or let the position get called away (it does have Complete status for the Fab 5)

$UNH I am long stock with an August 72.5/70/67.5 Collar. This means I am short the 72.5 Calls and long the 70/67.5 Put Spread. Price is at $73 so the Calls are ITM. I will let the position get called away or close it Friday as this is an Earnings trade

$EXPE I am long the August 65 Calls (part of Earnings trade). I expect these to expire worthless. The short September 55 Puts will remain (currently ITM)

$YELP I am short the stock with an August 50/52.5/60 Bear Collar. This means I am short the 50 Puts and long the 52.5/60 Call Spread. At the moment price is at 51.30 so this BC is holding steady. I will close this position by Friday (or let it get called if $50 is breached) as this is an Earnings trade

$MNST I am short the September 57.5 Puts and Long the August 62.5 & 60 Puts (1/2 size each). It looks like I can get some value from the August Puts and will close them this soon (before Friday) since this was an Earnings trade

$ALKS I am long stock with short August 34 Calls (Covered Calls). Price is currently at $33.45 so these may expire Friday allowing me to keep all premium collected. On the “to monitor” list

$AXL I own the August 19/20 Call Spread so will adjust this by Friday (currently ITM)

$CMG I am short the August 370 Calls as part of a Call Calendar with long December 365 Calls. I will adjust to September on the short Call side before Friday

$TSN I am long stock and short the August 27 Calls. These Calls are currently deep ITM so I will need to adjust to September (want to keep position)

$TXRH I am long stock and short the August 25 Calls. Price is hanging out with the $25 level so this goes on the “to monitor” list

$WFM I am long stock and have several Options pieces tied to the position. The relevant piece is long the August 55 Puts so will address by Friday. This is an earnings trade but want to keep it on past Friday

 

2 thoughts on “August Options expiration – the plan

  1. Hump Day update: I have closed the Aug monthly piece on $IBM. I have adjust $DVA to the Sep 120/115/105 Collar. I adjust the Aug piece in $CMG to Sep. $TSN is adjusted to September 30 Calls.

Leave a Reply

Your email address will not be published.