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Well, we have that 20 point buffer between 1185 and 1165 that needs to last 3 days... By the way, how do I get the post I'm replying to to come up in bold like other posters do? I looked at the Help area but could not find an answer..

Phil, What's your assessment of the market today? I read several times the TICK article you provided us, it's very good. So far, TICK has been is the neutral zone most of the day with light bias to the upside. However, the other thing I look at is the Advance/Decline line and that is negative...

Phil, I think you mentioned in a previous post that one should not get overly complacent/confident after a few months of success with credit spreads and should not increase the number of contracts. However, as my account size grows, I'm slowly increasing the number of contracts to keep up...

"Under different IV, time to expiration, spread width, this can be substantially different...so not sure how useful this is as a guide for you." -- It helped me tremendously. On Wed night I knew what I was looking at to roll on Thurs. On Thurs night I knew what I was looking at to roll on Fri....

"Only if I want to adjust a 10point spread down 10 points. However if I want to roll it down 5 points, the butterfly works. SO I could use the butterfly to adjust my 10 point spreads down 5 points if I want. Will not work on 15-point spreads I think." -- Phil, rolling a 10-point spread, 10...

FYI, if you are rolling down more than the put spread width, you are buying a condor, not a butterfly: BTO 1 SPX 1130 STO 1 SPX 1140 STO 1 SPX 1150 BTC 1 SPX 1160 On the other hand, if you are rolling up your put spread, you are *selling* put condors/flys, not buying. Same for the call...

rdemyan, I have found that placing as one trade is less risky for exactly the reason you outlined. The flipside of that is to close the offending spread, wait for the market to move further against you, and open a new spread for almost the same price -- I could have done this myself as I...

rdemyan, Just read your numbers, thanks for sharing. Yes, I think you must have been ITM and maybe vix/vol was higher than it is today... Did you execute 7/11/05 STC 1210/1225 bear call for $6.80 7/11/05 BTO 1215/1230 bear call for $2.75 as one condor or did you do this as two orders? Also...

"...an old gray warrior that pulls money from the market for the rest of your life" -- Dr. Z, makes a lot of sense. Can you share with us your portfolio breakdown and position sizing strategy?

"The one thing I really remember is that once you get at around ATM, it seems like the cost to get out has gone up exponentially and any amount you can get from rolling even 5 points is miniscule compared to what it costs to get out with an ATM short strike on the spread. " -- rdemyan, I ran...

"As I said from my experience, this will most likely happen once or twice a month." -- Phil, please say you meant "year".

"I’ll actually collect more in OCT premium than I would have before even after taking the losses on the roll" -- Dr, yes that's true, but the flipside of that is that for the 10 or 11 other months of the year you did not collect on the unused margin...

rdemyan, I'm curious, once the short strike is ITM, how do the dynamics of adjusting/rolling change? Is it different than rolling as we did this month? The other thing is that this thread is an extremely valuable guidepost. One thing that hit home was Phil drilling into us risk...

"Quite impressive Andy..." -- Phil, maybe so, but I can say without a doubt that I can't go through this on a regular basis. Going forward, I might consider halving my position size (I'm trading roughly the same margin as you). Also maybe adding SPX calendar spreads (goodness when vol goes up)...

"I did check the market after lunchtime" -- Phil, shame on you.....

rdemyan, I have 1155/1165 as well and it was excruciating to watch as SPX danced around 1168 yesterday -- twice. But, I made a decision to roll at 1165 and stuck with it. Fortunately, my the 1210/1200 hedges (i.e. buy 1210 put, sell 1200 put) that I bought at the time of putting on the...

Phil, Are you comfortable that we have started a rally that will continue to expiration (i.e. the downside plunge has halted)? I'm wondering if, from a risk management perspective, it might make sense to roll put the put side today buy another 10 points or so, while it is cheap to do so?

A ballpark number that I've noticed with all the adjustments this month: it's about a $0.50 loss to roll down the put side by 5 points when the index is dangerously close to the short strike (around 5 points away).

SPX at 1176. Anyone using this pop to roll down the put spread? Still have a week to go...

Anyone have an account with Refco? Another rough day today so far....