Up until today, I have had a position in GameStop in my long-term account (since 05/22/2014). I wrote earlier this week about an adjustment I made for $GME Earnings but in reviewing the position it seems that I had begun to listen to the market more and more about the long-term prospects well before this week.
I had adjusted the position to a Short CS on 10/02 (I had been Bullish up to that point) and had set a Buy Stop at $44 (for protection, a hedge). You can read more about the details in each of the Position Updates posts that I submit each weekend.
Here is a Weekly chart of $GME showing how the market reacted to Earnings:
It is possible that it can find some solid Support soon and offer a good entry for a new Long position but I will only consider it for the Submarine Basket now (the primary goal for this basket).
I exited the majority of the Earnings Trades since they primarily had November Options as part (or all of) the trade. This past weekend I listed my plan for the week here. This is what remains:
- $JCP The January/November 28w 10/8 Straddle Swap remains
- $DPZ I am Long stock at $78 (since 10/14) and Short the March $90 Calls (covered calls)
- $NFLX I am Short the January $380 Calls with a Buy Stop set at $375 (hedge)
- $FB The December/November 28w 80/75 Straddle Swap remains
Here is my activity so far today:
$AGN The Diagonal Call Calendar was unwound (assignment reported to me this morning)
$BABA I have adjusted a few of the Option pieces today (see Blog post comments for details)
$GPRO I have traded stock (short) today on the secondary news but closed now. November 28w CS remains
$SLCA I have exited the remaining Option piece so this position is now closed
$Z I have adjusted the Short Puts to the November $115 strike (expect/want them to expire)
$GME I have BtC the November 44/45 CS (long-term account). Options Net now: $2.23 & stock gains of $7.99 (I will consider an Earnings trade for the LT account). Here it is: added a November 44/47/50 Call Fly with Short 37 Puts for EVEN
$GMCR I am short stock at $150.24 and have covered 1/2 already at $140 even (a post-Earnings trade)
$SKX I adjusted the short Calls to the December $60 strike. I expect the November 55/50 PS to go poof
$PNRA I have BtC the short Puts so this Earnings trade is now closed (and some margin freed up)
When I list something like “28w” this = 28 weekly
BtC = Buy to Close (options)
I will be evaluating more ideas in $GMCR as the day goes on.
Here is some data, Trade Ideas info for Earnings AMC today and BMO tomorrow:
I did not get a fill on any new trade before the close but have traded $URBN in after-hours (short stock).
A very mild trading week for me in this category as I added only 2 new positions that survived to the weekend:
Here are the current positions:
- $JCP I am Long the January 2015 $10 Straddle and short the November 28 weekly $8 Straddle (a Straddle Swap)
- $DPZ Long stock at $78 with a November 85/85/75 Collar PS
- $NFLX Long stock at $340 with Short January $380 Calls (covered)
- $CP Long the November 200/210/220 Call Fly. I did a Blog post here
- $PII Long stock at $146.84 with a November 150/150/135 Collar PS
- $ORLY Long the November 160/165 1×2 Call Ratio and Long stock at $165 (hedge)
- $BCR Short the November 150/145 Strangle and Long stock at $150 (hedge)
- $N November 95/100/105 1×2 Call Ratio with Long stock at $101.72 (tag along stock position initially but is a hedge now)
- $ROP Short the November 155 & 160 Calls as well as the $140 Puts. Long stock at $153 (hedge, 2x size)
- $PNRA Short November 165 & 160 Puts with a Sell Short Stop set at $165
- $FB Own a December/November 28 weekly 80/75 Straddle Swap (adjusted this week)
- $RGR Long the November 47.5/45/42.5 1×2 Split Put Ratio and Short stock at $43.65 (tag along)
- $SLXP Long the November 90/100/110 Call Fly (the Buy Stop at $100 hit on Friday so Long stock now, hedge for the middle of the Call Fly)
- $JWN (new) Long the November 72.5/70 1×2 Put Ratio and Short the $75 Calls (2x, there is a Buy Stop set at $75.01)
- $BITA (new) Long stock at $79.20