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I think there could be a big rally in July.

lol, what did I do to deserve that?

Took a portion off @ 1.05. Some technical analysts were quite bullish on the market. I'm still bearish in the very short term so I'm leaving some position on until near expiration.

Bearish a little short term. Buy SPY vertical QTR JUN 135/132P @ 0.72.

I forgot about the long-term short straddle. what I'm trying to do is a long-term mean reversion of vol. For short term short vol trades, I can and have done several different types of positions. But I don't know the best way to do long-term/indefinite mean reversion. If I thought JPM...

How do you short vol? Short VIX futures, long VIX calendars, use VIX options, gamma-delta neutral short SPX time spreads? All those have time limitations - would you roll forward? You could short VXX and keep it for a while. I just want to short cash VIX and hang on to it, but it's...

Where's Ryan? I owe him a little for his bearish bet on PCLN.

Chart shows strong support at SPX 1350. Expect more bounce in the very near term, but when it breaks it could maybe go to 1300 or lower.

We're already @ 1350. Damn, I was perfect in my timing of completing my SPXPM fly (4 1360/1300/1240), but I sold 1 of the 1240P leg. I should have left it completely intact with max risk/cost of $1,600 because it could have been an extra hedge for my covered call portfolio at a small price.

I sold half of my SPXPM JUN 1240P, so I have 1360/1300/1240 fly and 1360/1300 front spread now. I didn't like the action so far today. I think the market will go down, but it may take some time. Correction: I sold a quarter of my 1240P - one was waiting to get filled.

That's unfortunate - I looked at your trade after placing mine and it showed some profit. Anyway, nice job on WFMI.

I got out of my V diagonal @ 3.35...a wash. Ryan, you should see profit with your trade.

LOL V is swooning!

I put a small diagonal trade on V: MAY18/MAY04 120c/125C @ debit of 3.30.

It's a long way until expiration, and it's unlikely I will hold the position unchanged until then. The OTM fly is just a directional bet for now - it gives me good negative delta. For flys I think it's better further out because the value doesn't change much. If SPX drops, I could adjust the...

I waited until today because the first day of the month could be strong. I had SPXPM JUN front spread 1360P/1300P for a while and doing well, but decided to complete the fly with JUN 1240P today, which I funded by selling equity OTM MAY puts and a bit of naked SPY calls. I'm bearish but not...

Anyone going bearish the market? I'm looking for a pullback with JUN SPX OTM put flys, funded by covered call position on bluechip stocks. Also being reckless and sold SPY JUN 150C naked.

In the morning I bought back half of the WMT MAY 55P @ 0.22. And just for fun I also put on a small position of short WMT MAY 60 straddle @ 2.60, willing to get assigned the put side.

I rolled WMT 57.5P down today but still in MAY to 55P and doubled the number of contracts. Average basis is now 0.2625 credit and I'm underwater. But for some reason I'm not so worried about WMT. I was much more worried about AAPL because of the size I put on and the fact that I had no idea...

Why? Don't know, but that's the way TPTB decided. Weekly DJX, NDX indexes also AM-settled (like monthly). CBOE's SPX weekly is PM, and OEX/XEO settle PM (weekly & monthly). RUT options trade until 15:15 central. But you should looking into this yourself and not trust me! :)