***CORRECTION - Ticker showed LCID on this one, should have shown JPM, as well as an expiration of 01/20/2023 (That's what I get for cloning an existing position in my logs and not changing each section)**** The overall market is showing signs of a pending collapse that brings the SPX down to approx. 3700 - 3400 and will drag down JPM with it to somewhere around $108.50 per/share, which also happens to be a MAJOR gap that has gone unfilled from Nov 2020. As I don't hold the shares, but am holding LEAPS Long Calls, by adding these Short Calls and Long Puts, I've created what is referred to as a synthetic collar trade that will actually have me profitable as it drops and if it doesn't I can remove the Long Puts & Short Calls and continue to hold the LEAPS Long Calls for further upside reward. I have sold an equal number of contracts of short calls as I hold LEAPS Long Calls (i.e. 1 contract for every 1 contract of LEAPS Long Calls I own). Here is the chart of JPM: http://tos.mx/zi608aR

The overall market is showing signs of a pending collapse that brings the SPX down to approx. 3700 - 3400 and will drag down JPM with it to somewhere around $108.50 per/share, which also happens to be a MAJOR gap that has gone unfilled from Nov 2020. As I don't hold the shares, but am holding LEAPS Long Calls, by these Long Puts and Short Calls just moments ago, I've created what is referred to as a synthetic collar trade that will actually have me profitable as it drops. If the risks I see likely occurring doesn't materialize, I can remove the Long Puts & Short Calls and continue to hold the LEAPS Long Calls for further upside reward. I have purchases an equal number of contracts of Long Puts as I hold LEAPS Long Calls (i.e. 1 contract for every 1 contract of LEAPS Long Calls I own). Here is the chart of JPM: http://tos.mx/zi608aR

As this week has progressed, the market is showing precursor signs of getting ready to collapse lower within the near term. I continue to believe that we are in the middle of a much larger correction, a bear market even, that will continue down until approx. the 3650 - 3350 price levels in the SPX. Here's my chart: http://tos.mx/GNrbDB5

FB should find decent support around here and back up to approx. 260. Here's the chart: http://tos.mx/p2pP24m

I believe that we are in the middle of a much larger correction that will continue down until approx. the 3780 price level in the SPX. FB and AMZN are displaying similar evidence that a larger, deeper correction, will happen in those tickers, similar to what has already happened in NFLX and PYPL. I believe the move lower will likely begin very soon and have decided to initiate this position to benefit from that downside momentum. Here's my chart of the SPX: http://tos.mx/cc2El9J AMZN Chart: http://tos.mx/oGwxOHH FB Chart: http://tos.mx/sxiskRx PYPL: http://tos.mx/ftY44mp NFLX: http://tos.mx/0rBJVbJ

This morning, MRNA received full U.S. FDA approval for their Covid-19 Vaccine, Spikevax. Additionally, it has found decent support at a major auction zone that I would anticipate continuing to hold. I like the equity to the upside and considered entering LEAPS Call options but decided to initiate a starter position with a bull put just in case it clusters around the current zone for another 1-2 weeks before rapidly moving higher. Here's the chart: http://tos.mx/9ZFVkIk

As discussed in the Post-Market Review from 01/27, based on how the S&P is currently balancing, price should rise over the next 1-2 weeks up into the 4530-4590 price levels. Opening this position as a more conservative approach to benefit from the rise but still will provide a manageable exit if the price continues to cluster around current levels. Here's chat of SPX: http://tos.mx/att0nDT

AMZN has been clustering for the past 2 years and has been following a clear fib balancing framework. I expect AMZN to find support at 3330 and begin to rise into the 3520 price level over the next 1-6 weeks. Here's the AMZN Chart for ThinkorSwim: http://tos.mx/TOPRj7D

There is a good probability that LCID will fall to approx. the 34 price level before beginning another strong move higher. I originally purchased LCID at 44.50 and have already successfully used short call premium that has reduced my cost basis to 42.25. I am going to get quite aggressive with this set of short calls which may mean my stock gets called away. If that happens I would be nicely profitable still but really want to reduce my cost basis on this equity as much as possible due to the sequence that LCID appears to be following that will take it down to around 34. By selling the 40 strike calls, I am able to bring in 6.20 of credit which brings my cost basis down from 42.25 all the way down to 36.05, a massive 14.6% reduction in my cost basis! I sold an equal number of short calls to the amount of stock I hold (i.e. 1 contract for every 100 shares of stock) Here's my thinkorswim chart: http://tos.mx/Lyiw49b

ADJUSTMENT 20 DEC 2021 @ 11:55 AM ET: The SPX came into a strong support level this morning and is reacting favorably to suggest a move higher into the end of this week. I'm rolling this position out 1 more time as well as layer another bull put at a lower strike. It cost me 0.40 debit to roll this position from 12/20 expiry out to 12/27, leaving me with 0.50 of credit remaining on the position. ============================================== ADJUSTMENT 17 DEC 2021 @ 3:43 PM ET: I rolled this position to Monday for a 1.70 debit leaving me with 0.9 of credit. Not happy about it but that's quad witching... ========================= With the amount of risk, I have on in my current Bear Call (4585/4590) turned Iron Condor yesterday (12/13), I've got to add a position to further hedge that risk should the SPX decide to take a move towards the 4800 price level instead of continuing to correct lower following the FOMC Rate/Taper Decision tomorrow (12/15). It's important to note that there's a good chance the SPX does tumble lower and I'll be required to manage out of this position, however, based on price action today, it seems that the SPX is poised to pop to around the 4740-4800 price levels following the FOMC Decision tomorrow (12/15) and I need to reduce the risk that my existing Iron Condor is exposed to if the market does in fact move higher. Here's my ThinkorSwim Shared Chart: http://tos.mx/w30z7gB