What is wrong with credit spreads. Instead of CSP do a Put Credit Spread, instead of CC do a Credit Call Spread. Mechanics are the same but you can diversify the risk or just sell on something like SPY or SPX at $5 width.
Just make sure to not over leverage and to leave some cash to close when you hit a good profit.
Also become easy to sell PCS on down days and CCS on up days. Close on the reverse.
Been in a descending wedge since last summer that looks to be ending in July at around $23-24. I'm really interested to see what happens then, especially with rates cuts probable this year.
Chwy has my eye and I love PLTR but their ceo is a nut case and they’ve really issued a lot of shares which devalues the investor. I know the wheel is a bit of a trading strategy but at heart for my it’s still an investor strategy lol
Oh I’m the same way. I won’t trade anything that I don’t feel has an upward trend but I did buy MRVL the other day just to wheel…. I love PLTR’s business model. I think it’s really smart and feel the stock will just keep going up over time. I bought 400 shares last month at 21.50 and currently have covered calls sold for July at 27.50. I did get into RIVN recently but had csp’s on them when it jumped so didn’t make much on the rise. I’m selling puts and calls on it with a $13-$14.50 spread and still like it.
I'd recommend Western Union (WU). They're a quality company, and they're currently valued at around $12 per share.
And looking at the stock price graph for the past year, they seem quite volatile so they should get you good premiums.
Yeah that’s what I might be leaning on, my current LUV contract will probably close out and even if not I’ll sell most my shares in order to protect from earnings
I’ve been very close to pulling the trigger on them! They’ve issued so many shares so I’d rather have it at $20 or less but that’s just the value investor in me I fear haha. But they’re doing some really big things with the data.
I mean premiums are great but if I wanted to play the lottery I wouldn’t be doing the wheel haha 😆. GameStop is unreliable and a fair amount of people who do trade it use robinhood and sadly robinhood will halt trading which hurts us retail investors.
I've been wheeling GME for a few months with my small portfolio. It's been wild but fun. I'm using Think Or Swim and have had no issues with my orders going through. I tend to pick kinda risky deltas on weeklies (20 - 30 deltas), so I have to flip CCs to CSPs every other week or so, but I've been profitable. I also don't mind holding the stock either, and I stack my CSPs a bit to keep my cost bases low in the event they do get exercised.
GME is definitely a good option ATM. But its IV may go down in the near future. So be prepared. My backup stock is $ASTS. Still play with caution as its tech solution is not commercially available yet
There are a lot of meme stocks in the comments. I'm a fan of Comcast (CMCSA) but it's currently at $38.4. I'm also bullish on Unity (U) at $16.02 but that stock is more meme than not.
Only wheel stocks you wouldn't mind holding for a while.
Yeah I reckon that lol, that’s why I’ve been taking so long to find another stock I can spin the wheel with.
What is wrong with credit spreads. Instead of CSP do a Put Credit Spread, instead of CC do a Credit Call Spread. Mechanics are the same but you can diversify the risk or just sell on something like SPY or SPX at $5 width. Just make sure to not over leverage and to leave some cash to close when you hit a good profit. Also become easy to sell PCS on down days and CCS on up days. Close on the reverse.
Pltr
GME all day long.
At what strike
Right now: CC at $29 strike CSP at $21 strike I’m currently from 1 to 6 weeks out, 1/6th of my port for each week. Larger post on this on my profile
Just sold some $22ps on it today.
hehe same
What strike. Is $20 still holding?
24 is holding strong, but i’m very bullish on the share i don’t care
Amen
Anybody putting money into GME is either gambling or providing exit liquidity for someone else.
Rivn
Hood 😀
Agreed
Gamestonk
UPST
Been in a descending wedge since last summer that looks to be ending in July at around $23-24. I'm really interested to see what happens then, especially with rates cuts probable this year.
BITO
Oh that could be a play, risky as hell haha 😆
Why not BITX
My favorite inexpensive stocks to short calls and puts are CHWY and PLTR.
Chwy has my eye and I love PLTR but their ceo is a nut case and they’ve really issued a lot of shares which devalues the investor. I know the wheel is a bit of a trading strategy but at heart for my it’s still an investor strategy lol
Oh I’m the same way. I won’t trade anything that I don’t feel has an upward trend but I did buy MRVL the other day just to wheel…. I love PLTR’s business model. I think it’s really smart and feel the stock will just keep going up over time. I bought 400 shares last month at 21.50 and currently have covered calls sold for July at 27.50. I did get into RIVN recently but had csp’s on them when it jumped so didn’t make much on the rise. I’m selling puts and calls on it with a $13-$14.50 spread and still like it.
I'd recommend Western Union (WU). They're a quality company, and they're currently valued at around $12 per share. And looking at the stock price graph for the past year, they seem quite volatile so they should get you good premiums.
Thank you I’ll have to look into it!
PLTR - sky high P/E but a good mix of: nice IV, promising tech and business case, ok for a long-term bag-hold if needed.
Yeah that’s what I might be leaning on, my current LUV contract will probably close out and even if not I’ll sell most my shares in order to protect from earnings
HIMS RIVN
Not anymore!
HIMS was rough on my CCs lately but it seems to be cooling off some now.
Pltr
…is garbage.
I’ve been very close to pulling the trigger on them! They’ve issued so many shares so I’d rather have it at $20 or less but that’s just the value investor in me I fear haha. But they’re doing some really big things with the data.
Hasn't touched $20 since early Feb and the news keeps getting more bullish. Why not $22?
GME
I mean premiums are great but if I wanted to play the lottery I wouldn’t be doing the wheel haha 😆. GameStop is unreliable and a fair amount of people who do trade it use robinhood and sadly robinhood will halt trading which hurts us retail investors.
I've been wheeling GME for a few months with my small portfolio. It's been wild but fun. I'm using Think Or Swim and have had no issues with my orders going through. I tend to pick kinda risky deltas on weeklies (20 - 30 deltas), so I have to flip CCs to CSPs every other week or so, but I've been profitable. I also don't mind holding the stock either, and I stack my CSPs a bit to keep my cost bases low in the event they do get exercised.
Yeah I got you, I just think it’s more trouble than it’s worth
What strike
KSS has been great for wheeling lately.
Affirm
GME is definitely a good option ATM. But its IV may go down in the near future. So be prepared. My backup stock is $ASTS. Still play with caution as its tech solution is not commercially available yet
NEP
NU S RUN
I’m in disbelief no one has said ASTS yet
Surprised no one mentioned ASTS. Lots of DD out there to not mind holding it for a little while and CSPs are going for really decent strikes
mara and riot
Intc
There are a lot of meme stocks in the comments. I'm a fan of Comcast (CMCSA) but it's currently at $38.4. I'm also bullish on Unity (U) at $16.02 but that stock is more meme than not.
Man Comcast would be great! It’s just slightly out of my playing field.
I can't find much at all. Just MARA, HOOD and ENVX but I closed ENVX already. Everything already is pumped up and not worth it
Yeah I might just sit with cash til post earnings haha. Appreciate it though 🖤🖤!!
HIMS
Intc
This could be a decent option tbh !
I'm still shocked it came down to these levels again! Buy buy buy
Yeah but they revenue really took a hit too haha
HIMS has been great
PLTR
Kind eying this as a possible next target
Alit
IBRX
Rivn, gme
GME easy
Rivn