This wave of violent rebound in large technology stocks is almost over. Even if it continues to rise, it will not be too short. The probability of shock and correction in this position is very high. Nvidia was obviously weak last night. Let’s see if Tesla can follow in the past two days. Call back too. The probability of a pullback at this position is greater than the probability of a sideways move, and the short-term burst, the game between bulls and bears will be very intense  $Tesla(TSLA.US)$ ...

继卖了拼多多put和新东方put之后，今天段老师又做了一个covered call 组合，虽然是卖call，但是他手里有正股，因此构成了组合。
这个是订单明细，目前还没有成交，下单sell 9999张2021年12月31日到期的苹果call（行权价205），限价0.28，总金额27.3w美金。我猜经过白天的发酵，这个订单今晚有可能会成交。昨晚这个期权成交了4155手。
接下来我们说一下什么是covered call 。通常做这个组合是因为担心股价无法涨到某个价格，所以通过卖出call ，赚取一部分权利金，就拿上边段老师的例子来说，
如果在12月31日之前苹果价格小于等于205美金，那么段老师就可以稳赚27.3w美金（所以眼中怀疑段老师觉得苹果这个月要上200美金，否则200美金的压力位是足够大的，也是比较稳的一个价格，而且权利金更高，但是段老师选择了205，其实也是有一定考量的）。这个时候买call的人会亏掉所有权利金。
如果到期日苹果价格高于205美金，买这个call的人一定会要求行权的。买方有权利按照205美金的价格买走99.99w股苹果股票。买方的收益为（到期价格-205-0.28）。只有到期价格高于205.38美金，买call的人才有机会盈利。苹果昨日收盘价为175.08，溢价17%，盈利难度很大。
covered call组合有一个特点，一旦使用该策略，潜在的最大收益就被限制了，一旦股价超过行权价，涨再多都和持股人没关系了。
covered call 比较适用于震荡区间或者短期涨幅过大又担心涨不到自己想要的价格，通过sell call 提前赚一部分权利金。
5%的资金用来卖put，昨天拼多多和新东方两个put收取权利金360万美金，如果不算杠杆，对应的保证金应在3600w美金左右，如果只有这个两个put，那么这个账户估计是7亿美金以上资金了。但关键是，他可能不止卖了这两个put，因此这个账户资金，说不定都是10亿美金起步了。这雄厚的资金量。
总结一句话，我感觉段老师在看好苹果这个月上200美金（主管揣测），毕竟拼多多也是卖put无限接近最低价。毕竟现在苹果正在主升浪行情，请珍惜主升浪的苹果。最近一个多月，先是特斯拉主升浪，然后是英伟达，现在又是苹果，大象起舞的行情莫过于此。不过做交易还是要自己努力，大师们可能真的就是玩玩。 $Apple(AAPL.US)$ $Tesla(TSLA.US)$ $NVIDIA(NVDA.US)$

It's safe to say that options speculators are easy to use. In particular, in the short term, by going long and short by buying and putting, you can perfectly control risk and maximize profit.
Many people say why options are bad, and participation is very risky. This is true, because options come with their own leverage, and it is normal for them to fluctuate a lot.
Today, let's take a closer look at why intraday speculation on options is appropriate.
First, let's take a simple example, such as Apple's collapse to the bottom last night.
Last night, Apple plummeted to -3.5% in the market. At its lowest point, it was already very close to the 20-day line, with a difference of 1 yuan. However, as can be seen from the intraday market, after the trend pulls back to the intraday moving average, it is basically impossible to break down. If you want to get to the bottom of the market at this time, let's say buy apples. Since the market has been very weak recently and is all supported by apples, it is likely that apples are still the backbone of the recent market. So, if I start to cut the bottom when I find out I can't keep up, if I want to buy 100 shares of Apple, it would cost almost 16,000 US dollars without leverage. This is already difficult for many people to operate. They probably don't have that much money at all, but they still want to speculate. At this point, you can find that options are easy to use.
Let's take a look at Apple's options. I chose the one that expires on December 17, because the date is so exciting that I can't stand it.
This is an option that expires on December 17. You can see that the price difference between neighboring options was 2.5. Last night when Apple first started to raise the price, the price was about 160. At the time, I chose 165. The reason I didn't choose 162.5 was that the 165 option spread would be a little smaller. At the same time, the premium was only about 3 points, so it's not impossible to go up to the option within the price.
Let's take a look at 165call's trend last night. If the bottom rebounds again, it could probably earn double last night.
This place is not for show operations. We can look at a few points, why do we use options, and how to choose options
1. Choosing options can control risk very well. As an option buyer, the biggest loss is the principal amount. US stocks have fluctuated greatly in recent days. Many stocks have suddenly taken a dive, and accounts will fluctuate greatly. For example, if you wanted to buy 100 shares of Apple last night, you would get at least 1.6 watts of US dollars without leverage. If the underlying stock fluctuates by 1%, the account will fluctuate around 160 US dollars. Take Apple's fluctuation last night. The fluctuation of 2,300 US dollars is not a problem. It's acceptable to have an increase, but it's very uncomfortable to lose money. In particular, it has already dropped 3 points. The market has already dived all the way, and it's very uneconomical to spend so much money to get to the bottom. However, using options is not the same. At Apple -3%, an option was 220 dollars at the time (165 calls due 2021217). If you buy this option, your account will lose up to $220, and your profit isn't capped. Especially when Apple fell to support yesterday, it's still great to play with some money.
2. How to choose options for short-term games. It depends on a person's risk tolerance. The closer the expiration date and the closer the exercise price is to the current price, the greater the fluctuation, and the more intense the game. You can usually consider choosing an off-price option with an expiration date slightly farther away. It is usually best if the expiration date is within a week. If the expiration date is within a week, the game will be very serious (the advantage is that the time value is relatively small; the downside is that if you choose the wrong option, the remaining time value will be lost very quickly)
This one expires on December 3. The price of the Apple Call is 165. The fluctuation last night was even more intense, and at one point the intraday market came close to zero. Anyway, I usually choose shallow off-price options with about 2 weeks left to play. How to measure the previous stage mainly depends on the exercise price. For example, Apple's options, the premium of 3 points is already quite a bit, which can be considered a shallow price. If it's Tesla, 10 points is fine. It mainly depends on the size of the fluctuations of individual stocks themselves.
Alternatively, we can look at an indicator, delta. Try to choose a delta between 0.4-0.5. This option can improve stock price changes anyway. At the same time, it is best to make the delta value larger than the theta value, so that the time value does not decrease too quickly to offset the growth of delta.
For example, the price of this option. If the underlying stock rises by 1 US dollar, the option will increase by 0.35 US dollars. However, after a day, theta will cause options to be reduced by 0.7 US dollars. This option does not respond well to changes in the price of the underlying stock.
Of course, these indicators all change dynamically, and they all dynamically reflect the correlation between this option stock.
    
3. Never stud. An option usually represents 100 shares. For example, yesterday this option was bought for 200 US dollars. This represents a fluctuation in 100 Apple shares. The only benefit is that as long as you buy an option, the maximum risk is directly controlled within a certain range (this is an advantage of options over futures). You can calculate how high this leverage is. If you calculate an Apple share of 160 US dollars, 100 shares would be 16,000 US dollars. In other words, we leveraged 16,000 US dollars through 200 US dollars, and this leverage is almost 80 times. If you have a $2,000 account, you want to get into Stud, it's really similar to gambling.
4. The appeal of options is leverage, that is, they are small and large. More chips have been leveraged through very small positions. This is also why many people use small accounts to play options; they really only need a very small sum of money. The most important thing about playing options is to survive, not to earn money every time. As long as you can survive and keep improving yourself, you will experience explosive gains one day, but until this day arrives, you can't fall down. Be deterministic and don't always gamble.
5. An option is just a tool. Normally, many people will say how easy it is to lose money with options. Take yesterday's Apple underwriting, which is also buying 100 shares of Apple. If the stock exchange fails, you may lose even more. The recent market has fluctuated so much. Controlling losses is the key; controlling losses is the key; controlling retracement is the key to growth. Of course, many people may not be able to buy 100 shares of Apple at all if they don't participate in options (I am, for example). It's better to understand options correctly. Options are just an amplifier, so that the strengths and weaknesses of individual abilities can be shown very quickly. Therefore, when you don't have enough ability, just try to simulate the game, and do your basic skills. $Apple(AAPL.US)$  $Tesla(TSLA.US)$  $Microsoft(MSFT.US)$  $NVIDIA(NVDA.US)$

It is a good practice to examine insider sales for companies that are of interest to investors. Some occasional selling is routine, as many insiders obtain a huge portion of their compensation in the form of stock and therefore have to sell shares to generate cash. While insiders unloading a large portion of their shares can be seen as a red flag, the massive insider selling by CEOs of companies like $Microsoft(MSFT.US)$, $Amazon(AMZN.US)$ do not necessarily indicate that the companies are in trouble. CEOs may sell their shares from time to time for personal reasons that are unrelated to a company's short term or long term prospects. The higher multiple, together with other macro headwinds like supply chain constraints, inflation and the Omicron variant could have convinced the CEOs to sell off some of their shares. In general, investors should be more concerned with insider sales of struggling companies rather than hugely successful ones $Microsoft(MSFT.US)$, $Amazon(AMZN.US)$. Even the massive selling may not indicate that the long term prospects of the company have shifted. As such, it does not make sense for investors to sell off $Microsoft(MSFT.US)$ just because of the recent huge insider sale by the CEO. Instead, investors should pay more attention to the long term growth opportunities in its expansion of the ecosystem and cloud growth.
$Dow Jones Industrial Average(.DJI.US)$
$Nasdaq Composite Index(.IXIC.US)$
$S&P 500 Index(.SPX.US)$
$Alphabet-A(GOOGL.US)$
$AMC Entertainment(AMC.US)$
$Cisco(CSCO.US)$
$Dropbox(DBX.US)$
$Expedia(EXPE.US)$
$Meta Platforms(FB.US)$
$Pfizer(PFE.US)$
$Tesla(TSLA.US)$
$Walmart(WMT.US)$