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@CH1 been thinking of buying SPY leaps puts for quite some time to hedge in addition to my large position. You're the options guy. Any recommendations for a good hedge?
 
Preston said:
@CH1 been thinking of buying SPY leaps puts for quite some time to hedge in addition to my large position. You're the options guy. Any recommendations for a good hedge?
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My hedging is a little convoluted; so not sure how helpful this will be:

I hedge on both the short and long term.

ie on Friday I bought a slug of SPY 388P at .50, sold a 1/3 chunk at .90 at the close and probably will close out the rest this am for $2. I buy these short term instruments to keep my folio from slipping too much from all time highs. It also allows me to be aggressive...

On the long term, I am holding SPY 300 puts that expire June 2022...so they have 15 months of time value. Those are trading for 16.75...which is what I paid for them a few months ago....because they have so much time value, they don't move much if the market bounces around without much oomph.

but those puts are there to protect my folio from a protracted correction....a 20% correction would see them more than double.
 
Big voting day.... SHG wants permission to reverse split their shares to get their Nasdaq listing

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CH1 said:
My hedging is a little convoluted; so not sure how helpful this will be:

I hedge on both the short and long term.

ie on Friday I bought a slug of SPY 388P at .50, sold a 1/3 chunk at .90 at the close and probably will close out the rest this am for $2. I buy these short term instruments to keep my folio from slipping too much from all time highs. It also allows me to be aggressive...

On the long term, I am holding SPY 300 puts that expire June 2022...so they have 15 months of time value. Those are trading for 16.75...which is what I paid for them a few months ago....because they have so much time value, they don't move much if the market bounces around without much oomph.

but those puts are there to protect my folio from a protracted correction....a 20% correction would see them more than double.
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That's almost exactly what I was looking at. I was pondering SPY 280 puts for around that timeframe. I've done so well on my US account that I don't mind putting a decent amount of profits into something like that. Because honestly... I think at some point those will pay. Between those and my cash I think I'd feel a lot more comfortable with this whole ridiculousness.
 
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Market gave me time to dump my VEXT, 1.29ish average. Really relieved I was able to unload my Columbia on Friday on the ETF buying spree; mostly at 9.34. Put a lot of those funds into Trulieve on Friday and was able to exit my overweight excess at 60.31 today. Trimmed Cresco at 20.20 as well today.

I re-entered some Columbia with some of the Vext funds at 8.83. But looking to re-enter some Vext now. We'll see if my bid fills.
 
Got my VEXT filled at 1.23. Smaller position than I had this morning but more comfy with it in the end. Honestly between Friday and today this is absolutely vintage Presto wheeling and dealing. Thank you MSOS ETF!
 
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Added more VEXT, 1.21. A touch more than my 1.23 buy. Added some of the CURA that I sold on Friday at 20.49 as well.
 
Bullish on them but was clearly way overweight on Jay Z. Didn't get a fill in the 11's unfortunately but was able to trim some at 10.98. Still fairly heavy, but a little less now. US account now ripe with cash as I've been trimming VTI lately as well.
 
Preston said:
Added more VEXT, 1.21. A touch more than my 1.23 buy. Added some of the CURA that I sold on Friday at 20.49 as well.
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Lost support but yes, I'm going to add more soon. Still not quite at the position size I was at this morning. I love seeing a rapid flush on a name that is looking extremlyyyyyy cheap right now.
 
those Friday SPY puts are working....my stop on them corresponds to around ES 3883
 
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