Please be safe with this. ES is down HUGE from the close. There’s no liquidity as the highest contract size on the bid/ask is 20. It’s trading thinner than the DAX. That’s very unusual. ES already traded around 2540.
You’re right Payoff. The more interesting trade would be an ATM covered call trade that expires on Wed, 2 days from now. The calls are bid/ask around 90! That’s $4,500 per contract in 2 days IF you’re comfortable with holding ES right now. Even if it goes down, that gives you a 90 point cushion. There’s plenty of OTM opportunities too. AND the bid/ask numbers are about 25 - plenty to do a trade. I’ve done several in my personal account. This is why i wish C2 supported options on ES.
Watch 2550. 4000 contracts traded there and a 300 lot sitting on that bid. If they make him puke it’s lights out.
We are in for a big move coming in the next few days! ES 2700 CALLs with 4 days are trading over $20 per contract and the 2100 PUTS are over $40…wow! lol
I see that. Same thing exists at 2560 (3180 contracts) which is where it is banging around now right now. Overnight trading is always thin and atypical from daytime. What I was cited was not an all or none proposition. For the trader who is comfortable with multiple levels of ES, doing a covered trade on 1 can be very reasonable. It is an individual decision.
Option premiums are so over inflated now its ridiculous for the option sellers…lol
Yup same guy absorbing. He figured the market is hitting me I might as well get a better price.
He just swept the book
Yup…thats a good idea! Selling below 2000 and above 2800…I doubt those levels will ever be reached in 4 days! lol
You guys see that? He bid 61 and pulled.
I’m talking with guys on IM from London. What time is it there right now? Aren’t they supposed to be sleeping? They’re up watching this.
Their trading day (in london) is starting soon.
Well that makes sense. I was wondering why he was up in the middle of the night. Thanks!
It seems like tomorrow open going to be fun…
Gartman turned bearish and called beginning of bear market. We might have a rip your face type of a rally tomorrow after gap down. 
Do the opposite of what Gartman says. That’s what most traders do and seems to be the running joke.
