Let’s go over the next couple days shall we? No panic from us. Right?

Post 16. Is 7. MAGA promise...
the ACT (the N one)
Fri and Sat. That’s 8 and 9. =17 Q
DOD is Days of Darkness
DoD is Dept of Defense.
Remember what day? 1/19
DOD begins on 1/9-1/10
Ends on 1/18-1/19

After the 9/11 attacks, airlines and public buildings adopted a flurry of "security" measures, like taking away pen-knives from fliers or requiring visitors to office buildings to be photographed or present a driver's license.

1/

Bruce Schneier's seminal 2003 "Beyond Fear" called these measures: #securitytheater.

Schneier pointed out that these measures would be easy to circumvent, and were thus providing only the comforting appearance of security - not security

Security theater is worse than nothing. Security theater gives people the false impression that their risks have been mitigated, when actually things are just as dangerous.

After al, if you know that danger exists, you can take some steps to mitigate or avoid it.

3/

But if you have the false impression that you've been made safer, you might unwittingly engage in risky behavior.

4/

Like, if you know your car's brakes are flaky, you might nurse the car along to the mechanic at low speed on side-streets.

But if you don't know about the brakes, you're apt to discover their flaws at 75mph on the freeway.

5/

THREAD ON IRONFLY

These days the most preferred strategy for option sellers due to improved margins is IRONFLY. It's essentially a short straddle with long strangle. Long strangle acting as 'WINGS', which help in capping the unlimited risk associated with a short straddle.(1/n)

You can also view the position as a combination of Cal & Put credit spreads, if that makes it more easy for you.

There are 3 important things to understand while trading this strategy:

1) Initial size of the Wings
2) Risk Management
3) Adjustments

(2/n)

Since we are selling an ATM straddle, the 1st question is how far our wings should be? Ideally i sell .50 delta straddle & buy .20 or .10 OTM strangle, depending on my view on volatility. So the distance of wings depends on the IV setup. Higher the IVs, greater the distance.(3/n)

If you don't understand greeks, then ideally with 30 days to expiry (dte), wings should be around 300pts either side. If your trading in weekly then it should be not more than 200pts. Higher the premiums, higher the distance as we have more cushion of theta. (4/n)

It is important to understand that we need to reduce the distance of wings with time so as to manage our RISK in gap openings or sudden volatile move. So for eg. if you started with 300pt wings with 30dte, the wings wouldn't give the same protection when there is 7dte. (5/n)

Daily Bookmarks to GAVNet 02/16/2021

Back when I went to Bishop’s University, I managed the student radio station, CJMQ. When I started, it was kind of a pirate station. We had an illegal antenna on a roof, and a couple of residences could get us through the radiators somehow. Nowhere to go but up.

Happily, it was 1993. Pump Up the Volume made it cool to be a DJ. Grunge and indie were huge. We went from, like, 12 DJs to 100 and started acting like a real radio station. God, it was awesome. It was like we were on a quest. It felt like a real crusade.

Eventually we decided to try to get an FM licence. This was no easy feat. The bureaucracy was maddening. It cost a lot. We needed to find a proper tower. Long story short, after two years of solid effort, everything came together: CJMQ was awarded 88.9 on your FM dial.

We were going to launch one blissful night in 1995. I planned a massive party and woke up the morning of, not quite believing we’d finally made it. I went to say good morning to my roommate, David, and… Not a single sound came out of my mouth. Not even a whisper.

I had completely and utterly lost my voice. OH GOD NO. I raced to the pharmacy and scribbled a note to the pharmacist: “I’ve lost my voice, and I really need my voice.” She nodded and retrieved two suppositories. They were each the size of large-caliber artillery shells.