After the open the futures ran up to about 4250 and the option briefly dropped below $5, then traded in the $6-$8 range for about an hour. Anyone who grabbed that entry watched the options move up above $35 within a couple of hours, for a potential profit of roughly $1200-$1500. They closed well in the money. … The trade on the 4175 Put was almost as good. Maximum at risk under $100
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The ES dropped another 70 points and the 4250 Put that cost $6 before the open was worth $50 at the close. At the best entry the maximum risk was $250; with the best exit, the potential profit was $2250. You didn’t have to get the whole hog to eat well that night.
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Few clear-cut trading opportunities. The 4250 Calls did drop below $15 for a brief period and it was possible to sell them back into the market above $30. But the price was a little high and the profit a little low.
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The market rallied steadily throughout the day, but the 4200 Calls were too expensive, and the Puts declined along with the price. There was a brief moment when it was possible to make a very small profit from the 4200 Puts but the opportunity disappeared quickly.
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At the time Nat recommends buying the 4145 Put it is trading above $20, also outside Nat’s comfort level. But as the market rallies into the end of the morning session, the price drops to Nat’s sweet spot, the $6-$10 range. The price whipsaws a bit in the afternoon session but eventually reaches ~$25 near the close.
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