Hosts Nick and Mike conducted a highly successful Fast Market session executing eight viewer trades while navigating challenging market conditions and wide bid-ask spreads. The standout trades included IBM 285-280 put spread at $1.40 (Mike adjusting from viewer's $2.95 naked put preference), Marvell January-December 91-100 diagonal at $5.04 playing for the 100-strike print ahead of earnings, Roblox 95 put/110-115 call Jade Lizard creating no upside risk, Lululemon 140 puts by Nick (versus viewer's 155-145 put spread or covered call choices), Oracle 220-230 December-January diagonal at $4.35 capitalizing on support levels, and VRT 140 puts at $3 after the stock's pullback from $200. The session featured impressive execution discipline with Nick scalping multiple micro NASDAQ futures positions for $2,500-$25,000 gains while managing zero-day SPX positions. Passes included Dash due to $3-wide bid-ask spreads on individual options creating $5-wide iron condor spreads deemed "impossible fills," emphasizing the importance of market quality over setup attractiveness.
After early morning weakness, markets rebounded from session lows. S&P 500, initially down about 80 handles, recovered to trade down just 50 points by mid-session. Jermal Chandler highlighted increased retail participation in SPX zero-DTE options, evidenced by odd-lot orders heard on the CBOE floor. He adjusted positions in response to market moves, including rolling an "Open Heart Butterfly" trade on OTCL for additional credit, demonstrating how to manage spreads effectively. Calendar call spreads were discussed as strategies for stocks that recently sold off sharply, including Palantir (PLTR), which dropped $30 in four days. Jermal established new put calendar spreads on The Trade Desk (TTD) and Airbnb (ABNB) while noting caution on earnings plays after several unsuccessful attempts. Other positions mentioned included DraftKings (DKNG) puts, adjustments to Meta (META) positions, and monitoring MP Materials (MP) ahead of earnings.
Mike & Jermal head to the CBOE SPX pit and discuss a few SPX options trades. Mike serves up his standard 0DTE iron condor in SPX, along with a short put that finances the cost of a long call spread. Jermal sells a call in HOOD. Tune in to learn more!