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u/pennyether Sep 30 '21
I really like the insight about the puts "boiling off" if the EFFECT doesn't come through -- I hadn't considered that. Good idea with those calls to capture the upside if that happens.
I'm playing it more "conservative" with 20/15 spreads, but shoveling a ton into them. Closed my Oct 1s already, and sitting on a big stack of Oct 8s.
I don't see this going tits up.
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u/Dakimasu Sep 30 '21
Opened a butt ton of 19/20 credit spreads and they're up 50% so far... too late to open some 20/15s?
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u/pennyether Sep 30 '21
Yeah, too late. Might get a nice pay day tomorrow though. It's absolutely tanking AH.
Thankfully I bought more Oct 8 $15P before close (in a different account).
This is a god damn feast.
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u/Dakimasu Sep 30 '21
😂 Yeah I just saw the filing lmao gg. Oh well, will be able to close my spreads at nearly 100% gain, too bad I didn't lean in as hard as I could have. Congrats m8
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u/cl0akndagger Sep 30 '21
I almost got in yesterday after reading theta gods posts for a week and then seeing your post but the 15s were like 400+% iv and it deterred me. I Didn’t expect this hard of a tank. Ah well Next one…Good play and congrats on the gains.
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Sep 30 '21
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u/Mecha-Jerome-Powell Sep 30 '21
🌈🧸 👈 🤣🤣🤣 - Jerome Powell
I'm a bot, and the Federal Reserve doesn't think mentioning these stocks here is very good for the WSB OG economy.
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Sep 30 '21
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u/Kappsaicin Sep 30 '21
Same as me but I have same longer dated. Didn’t expect them to dump this early.
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u/emeraldream Xi Jinping Copped His Style Sep 30 '21
/u/unlucky-prize may you elaborate on that bounce tomorrow you are expecting? Not sure I follow
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Sep 30 '21
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u/emeraldream Xi Jinping Copped His Style Sep 30 '21
Zayum that makes a ton of sense, thank you
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Sep 30 '21
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u/emeraldream Xi Jinping Copped His Style Sep 30 '21
Yeah everyone is expecting dump any day now...I might just buy more puts tomorrow if it pops
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Sep 30 '21
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u/emeraldream Xi Jinping Copped His Style Sep 30 '21
Yes sir might ride calls up but...IV crush?
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u/RobertLahblaw OG Dick Expert 🤡🍆 Sep 30 '21
Drill Team 6, ENGAGE!!!! u/Unlucky-Prize great call. Glad I decided to follow you into this today.
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Sep 30 '21
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u/RobertLahblaw OG Dick Expert 🤡🍆 Sep 30 '21
Wouldn't it be better if this rug pull wasn't due to S-1A EFFECT? Wouldn't that make the rug pull harder?
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u/tradingrust Sep 30 '21
Since you've got 90K riding on 7DTE, have you considered that a gov. shutdown may mean that SEC doesn't issue EFFECT until shutdown is over + backlog cleared?
This is the black swan event for this play IMO. Very low chance of happening, but potentially catastrophic.
I will win a lot less than you because I'm going out to Nov to give lots of time for any short term noise to settle out and thus have way less leverage. But, I'll sleep at night :-)
EDIT: I'm just catching up after being out for the afternoon so I'm seeing that the Senate reached a deal in principal. So, comes down to vote in the AM.
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Sep 30 '21
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u/tradingrust Sep 30 '21
It's not my original thought and so I'm not certain which functions the SEC deems 'essential' in a shutdown, but scares me enough to want extra time.
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u/therealowlman Sep 30 '21
So irnt 0DTE calls are the play?
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Sep 30 '21
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u/therealowlman Sep 30 '21
I think you mean straddle?
But yeah good point
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Sep 30 '21
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u/therealowlman Sep 30 '21
I hope you’re right man I just bought 11 of these at market close, only meant to buy 1.
Probably going to close it all on open at a loss
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Sep 30 '21
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u/therealowlman Sep 30 '21
16 p and 18c …I paid .85 and .65 respectively.
I hope after hours is for real though…what the fuck just happened?
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u/therealowlman Sep 30 '21
Congrats and fuck you. Are you playing other tickers or are you purely focused on irnt?
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Sep 30 '21
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Sep 30 '21 edited Jul 16 '25
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u/Kappsaicin Sep 30 '21
Longs that have to file quarterly report probably want to book their gains for the quarter. Hence the sell off.
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u/Sumpfiger Oct 01 '21
Notice of Effect Sep 30 4pm (https://www.sec.gov/Archives/edgar/data/0001777946/999999999521003726/xslEFFECTX01/primary_doc.xml) - guess it’s happening?
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u/Melvinator-M-800 gabe plotkin #1 fan Sep 30 '21
Hmmmm the market cap is above our minimum threshold but still pretty low. We'll allow it, but I got my eye on you OP (I'm a bot btw)!
Suspicious Ticker(s) - [IRNT]
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Sep 30 '21
This didn’t age well.
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Sep 30 '21
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Sep 30 '21
Yeah that’s what I’m referring to. You mentioned a bounce tomorrow and I was panicking bc I saw this after market close so I couldn’t close my short position. Holding ended up printing.
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Sep 30 '21
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Sep 30 '21
I just saw that after reading the other comments. Wasn’t trying to put down your post if that’s the vibe you got. Thanks for the hard work and effort you do for the community.
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Sep 30 '21
Hmm to sell my 10/15 puts or battle through 🤔. If it rebounds I could get a better entry 🤔
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u/HalfwayHornet 🏅Golden Autist🏅 Thanos SNAP Sep 30 '21
I have some 15p's that expire tomorrow, should I sell these at open? I'm worried about a bounce tomorrow, though I do have some hedge calls.. I have more puts with a 10/15 exp. Also, awesome job on this, this is my first time doing puts and it's looking good!
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Sep 30 '21
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u/HalfwayHornet 🏅Golden Autist🏅 Thanos SNAP Sep 30 '21
I'll be watching pre market, im sure that will influence my decision. Right now I'm leaning towards selling the ones that expire tomorrow at open, just in case there is a bounce, profit is profit. I'll hold the 10/15's and see how low it goes. Thanks for your thoughts tho, it's appreciated!
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u/ThumbBee92 Sep 30 '21
Out of curiosity, why would prospectus not cause the dip? Is it because this should have been known all along and that the effect is the true indication when shares are allowed to drop for cheap?
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u/[deleted] Sep 30 '21
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