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Hi ready, I had bought the 1360's thinking to later sell a credit spread (hadn't originally planned on a B-fly)....so now I will sell the contracts I have to offset the cost of buying the 1340's (assuming the spx WILL go up...) my goal is the get a credit for the B-fly so if spx closes below...

Just to share a bit with everyone what I'm doing on the call side. After looking at my positions 5/15 BTO 1 June 1370 call @ .55 5/17 BTO 1 June 1360 call @ .50 STO 1 June 1355 call @1.15 what I've decided to do is Buy this am the 1340's (filled for .90 just now) then when we go...

ChrisM to clarify, are you thinking 1245/1250 in the near future or a possible close for June? I'm seeing greater volatility for June is anyone considering doing condors or B-fly's this coming month?

I had to check to see if I had a bear call:p yess I do...and yess I will be looking to close...thanks for the alert..and feel free to pm.

Cody...I have/had been very seriously considering his course. It is $5000 and is over a 3 month time frame. They start with virtual "paper trades" and work up from that. I like the fact that it is over a period of time so you can work your trades. Discussion with sig other however said I was...

I listen but couldn't disagree more. You are basically saying a beginner (to options?) may as well go to Vegas. What a beginner SHOULD do is try the various strategies they are learning in 1 contract increments until they DO LEARN how to adjust/hedge etc. Not throw their money away buying OTM...

You were on vacation...we had it for 20 min on Nov 27th:D

ok...I think we all need to be very careful putting on a bull put so close to exp. Based on my short time of experience on the spx (9mos) the week prior to and week of exp are the most volatile. A great time to put on the NEXT month spreads. In spite of support/resistance and all other...

when you say you had plenty of time to get out...at what price? You HOPED it would expire worthless..Heather, if you read your own words you will find your answers. Your analysis was obviously wrong and you didn't close the spread when the short put was breached. Waiting until it was 5 pts...

Heather...WHEN did you put it on?

If we are talking specifically abt Heather then its the RUT and that is very difficult to game. Not too many have taken big hits on the SPX except those that didn't close NTM at SET. I don't think there was anyone FOTM that took a hit...was there?

OK folks we have 30 days till June. The beginning of the year we were....whoo hoo:p...yippie:D...up...up...up... thru Mar and even Apr. No surprise that May we finally see some reality and come back down to earth. The fundamentals of the economy are the same...actually pretty good except for...

don't think so

This has been discussed ad nauseum....new to options does not mean NEW to MARKETS or RISK. I think ANYONE who has been trading stocks/options for a period of time and experienced the ups and downs is perfectly capable of doing OTM spreads and controlling their emotions. Veteran traders have...

FWIW I like your #1...a few extra puts are nice...no real opinion on #2 and agree with #3..i've done pretty well with these OTM spreads..generally doing an IC and if you use a little TA when you place the spreads as long as we are still in a long term trending mkt you should do fine.

No freaking volume in the spx puts...whatsup:mad: I'm gone for the day:eek:

uhmmmm one small fly in that ointment...liquidity? How many contracts can you actually buy/sell on a single 50$ stock?

What was the most recent bear mkt? 2002? edit: in 2002 not selling spreads only CC's :eek: :eek: :(

Thats kinda how I'm thinking....right now (small size) since I bought the NDX 1650 I'm thinking tomorrow I'll buy the 1700 (calls) then when/if mkt moves up sell the 1675 body. But your right about the last week, on the paper trade for two weeks it just sat there and just in the last two days...