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according to McMillian (sp?) a spread is NEVER the worst outcome! However if I'm very bullish I will do a straight call...bu will also close it out quickly. when you do spreads you really need to hold for maximum value. Also you need to have the attitude that your goal is to MAKE money not...

Sorry the xeo didn't work so well...I agree you need to be well capitalized to do credit spreads on the index (s)...I do find with a smaller amount (less than 50,000) it is more difficult but not impossible do have some success in options. I do think you have too much on your plate. (too many...

RD- I did use this am uptick to sell 1300/1310 and close the put side. I will wait for the next week/10 days to hopefully find a down day to roll 1285/1300 or 1295 and open another put spread...downside is that temporarily I'm tying up gobs of cash with a 25 point spread:( One other thing...

Phil is a co-author and I have read the book. A large part of the book is devoted to using options in conjunction with stocks which I found very useful. However probably not as much usage of adjustments in more complicated spreads, which many people looking at this thread may be expecting...

What I am learning is that when you do an IC rather than FOTM put spread you will naturally sweat....either up or down. I don't think it is easy and I don't believe Phil ever took the position that it was. His thesis (my understanding...that is) is if you do FOTM credit spreads for small...

I didn't realize you could get as much as .50... I'll look at it Friday...not really going to sweat today...:) Happy Turkey Day to all

sure...thats just step one...extending the spread..(also buying back the put 1165/1180) step 2 is then tightning (roll the 1285 to say 1295) when/if mkt corrects...then my spread would be say 1295/1310... at the same time open another put spread say 1200/1225 (or that neighbohood) to help...

There are a ton of signs and analysts that agree with coach that we are due for early dec correction. I also have the 1285/1300 and am working on a plan...thinking before I actually adjust I may open a 1300/1310 spread and hope we don't reach 1285 before the 1st week in Dec..then assuming when...

ARGHHHH...there needs to be an icon for banging your head on the keyboard...I closed out long calls on intc and smh (modest profit) and in 5 minutes they break out:mad: :mad: :mad: ..I SHOULD have gone skiing yesterday and I'm backing away from the computer......BTW from good sources the best...

I've found the same thing...in watching over a period of time its like the market gets "reasonable" the last 5 minutes of the day!

I agree that MM in no way can control/manipulate SET...I guess what I'm trying to say is...IS there an inherent bias in the trading that preceeds options expiration to the down side? More traders hedging positions or basically bearish keeping the spx lower than the underlying suggest it should...

ok so 2004 there were 4 months with down sets...DEC Thurs 16th close 1203.21 set was 1190.45...(I remember how sucky Dec was) Aug was less than one pt below set 1091.23/1090.65, June another small down 1132.05/1129.50 and Mar 2 pts down...my question remains WHY are so many months UP months???

The monthly set is in data....(by year)is that what you are looking for? By the way, does anybody know where I can get historical SET values? I can't find them on the CBOE site and Yahoo doesn't have the history for it. [/B]

I guess my point is that I do NOT think there is a (an) equivalency...in other words there may be no logical or mathmatical reason why the set is higher vs lower than the last quote...is there another reason?

while I may not disagree it still is quite interesting and I don't think in any way a mathmatical or statistical probability that 10 our of 11 times the set has been higher this year...thats just fact!

well...I've been still chewing on the set. In the last 11 months of this year set has been higher than the close of the day(thurs) 10 out of 11 months. Only April set was lower. Why? any clue? Are MM and other traders more pessimistic of how the underlying are doing? Now I will be more...

Thanks guys for the accolades but I have to admit I didn't close the 1250 because I was on a computer at my step-daughters house (I watch her baby on wed and thurs) and it doesn't let me do spreads and of course I won't call the help desk:p so just closed my short!!! (I'm bringing my laptop for...

guess it does...my acc val just went up almost 10 grand...sorry folks but I have to do a happy dance

Yeah:D settlement price 1254!!!! I did'd sell my 1250 yesterday so does that mean I get 4 bucks??