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Whew, out of calls with a 24% gain. Calling it a day.
Damn I need $377 by close.
The price of options becomes elevated when implied volatility is high. IV is high right now so the price you're paying for the option above intrinsic value is also high.
Yeah short term calls are very expensive. IV is high. personally I'm expecting a big bounce by end of day so I should be green. Let's see what happens.
Switching to the long side now, opened calls at $376.60
I could see todays drop being an inflection point for a run back to ATH. However I just bet against that.
My puts will not be pleased with that.
I see the case for $394 tomorrow but I'm gonna bet down.
I'm starting to think sub $380 tomorrow.
And I don't even have any calls. ugh.
They got me literally scared to buy puts after what happened last week.
I think it's going back up to $389 by close. Just a guess.
This volatility is a day traders paradise, but it's hard to stay on top of what's next.
STC @ $2.20. Don't like my entry.
Opened 3/5 390C @ $2.18 for a daytrade.
Sold these for $2.24.
$392P @ $1.79.
Fed driven asset inflation.
Just laughing at the indexes moving like penny stocks.
And I'm glad to hear someone else call it what it is..manipulation. When I say that word on here people tell me to stop complaining.
Yeah that was intense I was in puts so I gained because of it. It feels good to be on the right side of it, and bitter when you lose money because of it.
yeah, I feel good now I revenge traded some puts today and made back some of the money I lost yesterday.
So you got any charts to show right now? any projections or TA to share? I want to see what other people are thinking.
Damn 2/24 $390C went from $0.10 to $2.25 off of yesterdays low, ughh I want gains like that.
Thoughts about the rest of the week?
Sold $393 puts $1.32 to $1.82.
A retrace to $391.40 is reasonable I want to sell my puts there.
Bought puts at $392 it's overbought on an intraday basis.
So how high do you think SPY will go this year?
Yeah, and Jerome Powell just said this morning he doesn't believe there are any "bubbles" in the financial markets. There's no point in even speculating how high this is going.
The market is being flooded with money, that's what's happening. Millions of people opening up brokerage accounts and buying anything and everything for any price. Ever since the GME/Wall street bets saga everyone wants to be a trader now. Who knows how high this will end up.
You're right. I made the trade. I should just accept it. I was just really upset yesterday and emotional because I went in too heavy on puts and ending up getting 2 weeks of profit wiped out. I've calmed down now and I'm ready to make a better trade.
There should be a congressional investigation into what happened today.
Most traders agree that what happened today was a set up plan to rob put premium. Otherwise they would of just gapped it up and go up from there or let it drop for longer. The way they gapped it down, set up a waterfall in the opening minutes to lure people into short positions then immediately jammed it back up above the open all point to a coordinated effort to willfuly defraud retail traders. Even people on the right side of it realized it.
This was robbery by the powerful financial forces that manipulate the market to their advantage at the expense of less richer retail traders. I've made bad trades, but today was the victimization of retail traders due to criminal market manipulation.
Outrageous manipulation taking place today. They flat out stole retail traders money by creating fake drops to sell puts into then running away with all that premium. I watched the surge in put buying this morning at market open. They stole 6K from me. This isn't dip buying, it's pure market manipulation and fraud plain and simple.
This is a scam. They clearly orchestrated that morning drop, to lure everyone into buying a ton of puts. Only to rip the market back above open. I'm not trading this anymore for now.
Only 22M volume heading into 3pm, wow this rally's running on fumes now. Musical chairs at this point. But I won't attempt to call the top, because I was wrong before.
You can trade anything trading just means the buying and selling of something, applied to options it means the buying and selling of a contract that gives you the right but not the obligation to either purchase or sell 100 shares of a stock at an agreed upon price, at an agreed upon date.