Today price action went along with my thesis. Due to earnings stocks dropped. The moment price closed below the US500 VWAP I decided to sell 7025/7030 Calls for $0.45. It was very low premium but the drop is 100 points from my strike price and its already 7:50 AM PST. I dont think it will climb up that high so im definitely leaving these to expire. They are already worthless as we speak but if it does climb back to vwap i would think to close to at $0.05 or whatever they are worth. Will be looking to sell puts as well if I can time the bottom.
So I sold 2 6810/6800 Puts for $0.65. I don’t price will go any further than that off no news. Its honestly just a regular dump and also MACD was curling upwards so i figured i dont think price will drop another 60 points. Most of the move was there and the negative MVC was at 6900. Price went to 6875 to close a gap and then climbed back up to 6900. I closed the call sides for $0.05 and decided to use that capital to open these two contracts. Will be letting these expire worthless.