If you have not yet subscribed to my weekly freebie you can do so below to get next weeks free trade IDEA (not alert – if you want an alert you need to be a subscriber) sent to your mailbox Monday morning. Last week we were off, but two weeks ago was $FB and it was a winner. The SassyOptions team took FB puts from $0.70 to $2.80.

The stats for the weekly freebie since I began sending them are as follows:

  • 12 wins (I only count wins when they are either big wins or where there was enough time to take profits).
  • 2 that didn’t trigger
  • 4 scratch trades
  • 1 loss

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Open Interest: If you want more information on how to read the high calls and puts in the open interest see here.

SPY-M: (7 of 11 for pins since Monday expiration inception).* The current best pin for Monday is 272; however, if price can stay above 272 then there isn’t much holding it back in the way of calls. On the other hand, there is put support to help keep price up at both 271 and especially at the 270 strike. Thus, based on this open interest it would suggest a close of 272 or above by the end of the day Monday.

SPY-W: (64 of 87 pins since Wednesday expiration inception).* The Wednesday expiration currently has a range for the best pin which is between 271 and 275. The 271 strike has put support, but if price does hold below 271 then there isn’t much put support again till 266. In terms of the upside, SPY faces call resistance at 275 and then stronger resistance at 278.

SPY-F: (50 of  80 pins since I began tracking Friday’s).* Friday’s expiration is a monthly expiration and thus, likely won’t change too much as the week progresses since many of these calls and put were bought/sold over a long period of time. The main strikes that stick out are the 265 puts and the 275 calls. This would suggest a close somewhere between those two strikes by Friday; however, if price was able to hold over 275 next week then it would have room to rally before facing call resistance again at 279. 

Pinning Stuff:

*An explanation as to how I define range pinning can be found here. More information about what pinning is can be found under the education section or here.

Monday 5/07: Successful pin.

Wednesday 5/09: Failed to the upside.

Friday 5/11: Failed pin to the upside.

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