well, spy seems to have temporarily found a support point around the 362 level.. But, spy also technically set a new low already... 361.08 level and with setting lower highs and lower lows, we are still fully in the bear territory, and I personally would say based on what Im seeing, this is just a temporary dead cat bounce, and wouldn't be at all surprised to see a heavy rejection coming AMC AMC lost that 8.12 level support last week, had a retest, and rejected. I also can't help but notice that AMC had the death cross last month with the 50 day moving average crossing to the upside of the 10 day moving average since then, the 10 MA is still dropping. all bearish signs for this ticker. When this wheel on AMC ends that I'm in, Will likely be looking to transition to other tickers, as AMC seems to have lost its juice and high premiums in this latest bear market crush. LABU - This is a ticker a fellow premium seller told me about that Ive been wheeling - but Im still on the fence. This is a weird ticker to me, and one Im not really sure about. from may on, this ticker has had a drastic increase in volume, but the price action has been stagnant for months. Really weird to me to see such a drastic increase in volume but not see much price movement over that period. REV - REV - the ticker that has paid me a lot, but also kept me trapped rolling contracts using my buying power in idk if its been the best way. But, im in the position heavy af, which I don't like, but I have to ride this one out. I have 150 contracts of this one, feb 2023 expiration, was paid 3.40 total per contract, so I got like 56k in premium, but Its looking like Im going to be stuck in this one a while, so will have to see how it plays out. TNA TNA also is in a strong bearish place at the moment, with its own death cross. I do like to see it held the support and bounced, but this ticker is still very very beaten down along with the rest of the market. Selling premium still works in this market condition, but its definitely not quite as profitable. Such is life, and we will just ahve to keep moving forward and playing smart. A big part of that will be not going so heavy into one position like I did with the REV position.

SPY - HUGE red movement currently and broke under previous year lows

REV - has a breakdown of the long running pattern 5.68 support level held on friday- this will be key next week, and TBH Im expecting this to break down. market as a hole is looking very bloody

current positions in the challenge...

current AMC wheel -

Current Rev wheel -

LABU wheel -

Current challenge update... I rolled out the rev positions...out and down. Ive stacked them all into the nov 7.5 expiration. Im a bit...well...way to heavy in this position, and getting a bit concerned. Hopefully going heavy doesnt end up screwing me over.

rolled the Rev contracts another 2 weeks...and collected the premium.... officially crossing the 10k mark. cially hit the 10k mark!

challenge update - Rolled the REV contracts out and down... 8695 current challenge balance!

somehow i missed these updates! killer!

todays challenge update - I rolled my 17 labu contracts out 2 weeks for 55 credit per contract.

awesome! cant wait to see loaded with buds

beautiful colors coming thru

Month 2 challenge update!

Forgot to post yesterday, but I ended up not liking the way AMC was dropping, and wanted to see if the 50 day moving average held. So I ended up starting the new labu ticker wheel. Very glad I did, as check out how the AMC chart looks now! Would have been very upside down in this wheel if I had pulled the trigger. Heres the new spreadsheet on the ticker LABU. As of right now 1049 PST on 8/23, I am already up 212 bucks on this position. Still has a week though, so certainly not time to start celebrating yet!

Trade plan for tomorrow - Got 15k in funds to use tomorrow to enter a new position, since Im so heavy into REV right now Im looking at likely either AMC or maybe starting a new one LABU that I heard about in a discord server. its a biotech etf with some decent premium and since its an etf, safer then wheeling a single business stock like AMC or REV. heres the AMC option chain-- I like to start new positions around the .3 delta area.. so ill be looking liking at the 16-dollar put range either the 26th or 2nd sept expiration. based on fridays numbers - which could change tomorrow at open, the 16 strikes are selling for 1.31 / 1.77 (26th / 2nd expiration) using 15k in leverage would allow 9 contracts so about 1200 in premium or 1600 depending on which date. When looking at the AMC chart...it had some green earnings, but we have 3 black crows over the last 3 days. Fridays candle while red, wasn't as strongly bearish as the previous two days, and AMC now has the 50 day moving average coming up if it continues its bearish price action, this will be the next key level to watch. If this holds, I will likely start a new wheel on this ticker. However, if this breaks, I will hold off as selling a put in a bearish phase can lead to being stuck / assigned. LABU charting - heard about this one from a fellow premium seller. Its a leveraged 3x bull Etf on the biotech sector. its currently beaten down very hard from ATH, but from what Im seeing on the option chain, it looks like it gives good premium for low leverage. So I may start a small position in this one...or Ill just keep watching it and see how it moves / learn it more. 1. one really interesting thing that Im noticing right off the bat to - the daily volume on this ticker is very high. considering how long its been consolidating in this 4-19 dollar range, with such high volume, makes me think this maybe a ticker the institutional traders are using for premium selling...which if thats the case, it could be a great one to join the wheel on. option chain on Labu on this one - the 30 delta figure puts the strike for puts at 9 bucks, so using 15k in leverage would be 16 contracts on this ticker. so for August 26- 30 credit per =480 2nd - 50 credit per =800 9th - 70 credit per = 1120. Looking like AMC maybe better, we will have to see what monday brings! I have my crown prep dental appointment at 7am, so ill miss market open, but once Im home Ill check the charts and see which position I decide on

I rolled my REV contracts out and down today for 18k in premium, as the price action Im not loving on this ticker.

yes that is a banana ::(

Well, finally closed out the AMC cash secured put today for nice profit, and shifted the leverage over to doing some cash secured puts on REV, same 9-dollar sept 2nd CSP that the large account challenge is in. collected a quick grand in premium on this.