936horn

Lol, California

You could sub in vegetarian, vegan, or crossfitter and it still works imo.

Q: How do you know if someone’s an atheist? A: they’ll tell you every chance they get. This thread is living proof

Cmon man take that shit to CR

Yeah, trust me at minus 35 bucks, we were a bid if the exchange would have let us lol

I stand corrected - rep to you and gsoda. I am digging in further as well, as even with the profound demand destruction I just cannot accept that every trader woke up today and finally realized "well, nobody is gonna buy this shit so I better dump two days before expiry." This has been in front of every trader's face for a month now. The exchange glitches definitely contributed. This will be a hell of a case study one day.

Couple things happened today - 1. As of last week, the etf USO held approx 25% of May contracts. An ETF can't take delivery of oil, obviously. Someone somewhere lost their job over this, probably multiple people. Since expiry is tomorrow USO was unwinding into a long squeeze and just getting donkey dicked. This move was not organic and suddenly every trader in the world woke up today and finally realized there is no demand and no storage. 2. Concurrently, both our brokers, CME and Barclays were unable to execute buy orders at negative values. The software was not programmed on EITHER EXCHANGE to allow purchases for negative values. So in the span of 15 minutes or so I watched the price freefall once it broke zero down to -$35. I have to imagine that problem was not limited to our brokers. There will be massive lawsuits after this. Just for funzies i have a picture of my screen when the spreads were >$60 and flat price was -$35. Maybe I'll get it framed once this shit is over.

Nope, midstream co with pipes, terminals and rail (lol)

Better off really. I am lucky to work at a good company with a solid balance sheet in the midstream sector. I actually just got a raise Apr 1, but I am aware this is not most people's experience so for that I am thankful. Not eligible for the stimulus but again, thankful for that really. I am glad people who need it are getting it. Another positive for me is that while my 401k is down about 15% YTD, my brokerage and other accounts including an old Roth IRA are humming nicely and are more than making up for it. Being at home all day has given me a chance to have a second career as a day trader. Just between Monday and Thursday of this week I was able to nab >350% profit off AMZN calls. Up until the last week or two, this was one of the most predictable markets and riding the up trends with calls and down trends with puts has added a good amount to my non-401k accounts. Finally, I am really enjoying being home with the family. My daughter pops her head in my office a few times a day and comes to see what I am doing. It's a nice distraction.

If you needed any more proof that the market gives zero shits about regular Joe American, this is it. Record unemployment, earnings in the shitter, still in the middle of a global pandemic, and we just keep pumping. The market cares not about Jim Bob in Arkansas on furlough, or Cindy from Texas who is in ICU with corona. Hell, the market doesn't even care about us surly .001%ers. It cares about the institutional guys and how many trillions the fed can pump in and that's it.

So, you mean like always?

Lately, green day = puts on sale with cheaper premiums

Yes, but if they do cut to 0% as Fozz linked above, puts are gonna get smashed, especially close dated ones. I just unloaded most of my 3/20 SPYp right as the repo was announced.

Fed repo https://www.marketwatch.com/story/fed-ramps-up-repo-operations-to-address-disruptions-in-treasury-market-2020-03-12?mod=options

So my SPY 250 3/20 puts have basically doubled since I bought in. Same with 22p 3/20 CCL, I don't want to be greedy...might take some off the table before close today edit: i too have become addicted to options.

I am still about half in the market here. Is it worth getting all the way out at this point or should I just ride the lightning

I mean, it can be - for example if you are selling naked options you could lose many many many times your initial investment. However, if you use them intelligently and responsibly, they can often act as a hedge to protect yourself from wild market swings and capture a defined return during those swings.

Forget it he's rolling

hhhhhhnnnnnnnnnnnnnggggggggggggggggggggggg

Respect for giving us the post mortem. I actually thought of you this weekend when I heard about the deaths in the US from the virus. Thought you had a slam dunk on your hands.

Agreed, I did lots of reading before ever trying to trade options. I will say, you had some good advice above though. If someone wanted to jump in with "limited" risk (i.e. not infinite downside risk) then you could buy near money puts and calls. If the market pops one way or the other Monday, one of your positions is worthless and you lose the investment (but not infinite losses) and your other one should make up for it and then some.

I would add to the above - if you are asking what buy to open etc etc mean, you should absolutely not be trading options.

I understood about half of this.

This is the advice I come here for thanks.