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Besides IB, does anyone use or know of a discount broker with competitive rates and good filles offering ES? M~ Personally, I'm interested in trading through Vtrader using haircut margin.... but many of my group members are not interested in series 7 certification. Thanks.

Rally, Did you say you're using IB for your Broker? I'm looking at teaming up with Vtrader, (Maverick), and just wondering how you like IB and the platform. M~ I quoted two spreads for you guys, you can be the judge yourself. The ES spread is 5 points higher due to the premium...

Why would you liquodate at 1290 when your max profit is at 1310? Plus.. your break even is around 1320.... Diagonals are adjustable.... it's not to be played as a delta trade... rather a Vega play. This is why I prefer to use Put Diagonals.. and Call credit spreads. Volatility...

Phil, Have you or are looking to do credit spreads using options on futures with your 'haircut margin'. We just spent the day with Maverick.... it was very interesting, as you well know. The cross margin gives a new name to risk management BTW, put diagonals were huge this...

FYI, An investment club representative and myself went to Chicago and visited with Maverick and the Vtrader Group. It was a pleasure to meet Maverick and discuss the arena of options. He was openly honest and sincere in speaking with us over a two hour period while the market was making...

KTM, Thanks... appreciate the info. We're definitely looking to use the increased (or decreased) depending how you view it... to help risk manage our positions. Do you use IB.... TS... or private broker? Any suggestions? Murray

KTM, Do you find using Options of Futures and SPAN margin a huge advantage over Retail Margin? And... how is the liquidity as compared to similar Option strikes on the SPX? We have two appointments in Chicago in June to discuss trading Options on Futures..... mostly for increased...

You may want to consider Diagonals instead of credit spreads if you're really concerned about 'Black Swan' events.

Historical Options Quotes can be found here: http://host.businessweek.com/businessweek/Historical_Quotes.html?Button=NEW+REQUEST&Symbol=WIB+AR These quotes are great for backtesting... but are available for active contracts only. Some contracts have been active for years... (LEAPs)...

Getting out is the issue on most indexes. It appears that when you need to exit or make an adjustment, the market has come running toward you.... and the MMs.... are busy or stingy, let alone taking in huge b/a spreads. I've seen this on the RUT, OEX, and XEO..... M~

Yes, we have analyzed the weeklies. Just not comfortable with volume right now.... we're still paper trading those. We'll keep you informed. M~

Call Diagonal.... small credit. Put Diagonal up $10.50 This volatility is so so so so... nice for Diagonals... Murray

coach, Diagonal Update: Our May/June Put Diagonal has far exceeded profit expectations. The 1265 short hopefully will expire worthless... and original $1.60 June Put is now pushing $4.00 Amazing how this volatility trade differs from the credit spread position. The June/July Put...

Phil, We also had a small (10 contract) Put Diagonals. It was a mere 10/10 Diagonal. We wanted to track volatility implications. Here's what was interesting... eventhough the market had run up from our initial position by +25 points, the downside move today allowed us to close that...

Coach, May/June Diagonal Update: Original Position for small credit (no downside risk): Long 500 SPX June 1375c Short 300 SPX May 1340c One of our club members on the recent run-up in the SPX, decided to sell his remaining shorts left from his original diagonal position above...

Phil, I'm actually probing for the Put side of my diagonal today. With the VIX down big today.... and a hope for a correction going forward... I really think the Put side will benefit. I'm looking at these diagonals not as THETA trades, and would enjoy movement toward short position...

Phil, It's official, our investment club members will be listening intensely as they will be receiving extra credit for any renown and/or profound 'quote' they hear on your radio broadcast this Monday. I'm looking forward to hearing from them next week! M~

Diagonal Update: Closed out the entire position.... repositioned. With only four months under the belt... it's very interesting. Without some real movement in the market, I'm still waiting to collect more data. Twice now I've bought the Diagonal at low volatility, sold a calendar...

The assignment to listen and record your show is posted to begin nextweek. We'll be listening! The Grand Rapids Investment Club of Michigan thanks

Phil, Just wanted to let you know that as part of our Investment Club "assignments for the week", our members will be tuning into your radio show. Many of them are currently listening and nothing but praise for your insights and presentation skills.