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You're right. In general that group is more bearish than bullish.

Taking this logic a step further, why don't you just start with a fly (or an ATM credit spread), get the maximum credit possible, and then adjust only when the market dictates?

I'm sorry I upset you. Next time I'll try to be clearer. Perhaps write it in 4-th grade vocab with large text and short words,... just for you! Now isn't that special?

rdemyan, if you're anywhere close to retirement and your trading money is part of your retirement nestegg, then yes, put spreads might be too risky because of a potential black swan event (which, by the way, definitely seems likelier these days since there were 800 Al Quaeda members before Bush...

rdemyan, first of all, I understand your position and sympathize with your loss last summer. I hope you recover it, and more. OK, catastrophes. Here it gets philosophical. Where does worry end and paranoia begin? When does one realize that life is what happens to you while you are planning...

No bounce, this market is going down like a mafioso with a lead coat, it'll melt down like buttttter, like a snowball in hell, [add your favorite cliche here]... that's my story and I'm sticking with it. I'm wrong only 50% of the time.

rdemyan, you may want to rethink this strategy.... I've heard from some TOS folks that in the last 3 to 4 years, almost all the adjustments on their condors/spreads have been on the call side... check with them...

I'm tempted to put on the call side today even though SPX is plunging... the credit is holding up though because VIX is high...

For 1350/1355, what credit are you looking for? So you plan to enter the trade on a bounce? Agree with you on the put spread... I'll wait...

I agree.... how about a bear call at JUN 1350/1360?

Did you have to say 1987 :eek: Nobody wants that, hopefully even the shorts... :eek:

They are particularly wide today...

OK, I'll see about potentially closing sometime today... but the MMs are goofing with the price... and it's not nearly where it should be...

riskarb, yes it is ridiculous because it's so wide, but I meant to ask "why are the MMs making the spreads ridiculously wide"?

Coach, why would you not box it up to JUN? My inclination is to keep the position and wait and see, I expect SET to be lower than it is now, by JUN exp.

riskarb, why are the SPX spreads ridiculous?

Rally, good point. I'm really wondering though, if this channel has any meaning. The breakdown in NDX is severe, I wonder if we're in for a ride to SPX=1280...

riskarb, I'm certain there is wisdom in your post, just wish I could understand it.... what do you mean by "offset"?

Coach, I've heard about locking the box but am still vague on the concept. Did you mean to say "buy the 1300/1305 bull call spread" (my bear put spread was 1300/1305)? 1.80+2.00=3.80 5-3.80=1.20 1.20*100=12k So lock it and let theta decay kick in till JUN exp?

Coach, cost was $1.80. Current value is bouncing around a lot... it's about 2.20-2.40, so profit on 100x is $4k to $6k... so it's not really moved much. Goal is to hold to expiration...