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I'm guessing now that he admits he's wrong about recommending SGP it's time to buy it?

Bears are asleep right now. If this moves up to short-term resistance up at 1390 area, bears might come out of hibernation and start bringing this back down. I added some short S&P options today and buying SDS at the close because I don't think we can hold an almost 400 point rally. Remember...

Commissions are with IB, at $0.70 per contract. Depends on the spread, but around 2-5 contracts per trade.

Out of 1 of the MSFT credit spreads for $0.84, $22 gain over two days. Not bad considering it only tied up $250 of capital. Might be putting on iron condor soon, have to check quotes.

I hate Dennis Neal. Finally someone tells him and his perma-bull agenda off.

You're right. Thank you. I was confusing ITM/OTM for puts, thinking they're calls. Sorry!

Yep, right.

Today was alright, but Monday and Tuesday were horrible.

Exactly correct. If I'm in front of the computer and I see the market improving or declining, I'll leg into the spread that will benefit best from that moment. If market is going up, I'll buy the call spread part that will be moving upward.

On the DIA, I don't see much upside. On my charts, I see resistance up at 12766 that we tried to break 2 times and just started heading towards there earlier this week (although today broke that pattern). Sometimes I'll leg in, sometimes not, depends on how volatile it is. Monday and Tuesday...

Although they may be considered overvalued to other defense and airliner plays (at almost 6.8x book), I think Boeing could roar back to 90. Not because of the tanker deal, but because of the need for upgrades on the airlines. American cancelled 300 flights today because of the safety checks...

Nope, that is an OTM put spread, exactly what I am looking to do. Something that produces a credit that probably won't get exercised so I can get keep the credit from selling options premium.

Could be the price limits set by the exchange for the commodities. Remember, wheat's limit is 60 cents per bushel, so it would 1000 1/4 would violate the exchange-initated limits for each trading day.

Mainly choosing the strikes to have the underlying in the middle and pretty much the range of the past 4-8 weeks. Short butterflies are good for stocks that might move the 2.5 point range, which is what I did on MSFT for that nice $1.06 credit. Spreads can be bad when you have a huge one...

I think you're thinking of ITM CALL credit spreads. For example, I sell the 1000/1020 (buying 1000 put/selling 1020) put spread on the SPX for $15, and take in the $15 credit but can lose $1985 if SPX goes below 1020.

Mainly because I do not like picking a direction. Sometimes I'll do deep ITM credit put spreads on the SPX or RUT, but with these volatile markets they must be really ITM to be safe, making the reward not as worth the risk.

Here is the current list that I use with appropriate strategies (in my opinion). Hasn't been updated since December so some might not work anymore (like S or MA). I also do a lot in the indexes and their ETFs.

Really nice program called OptionsOracle. Freeware from www.samoasky.com

Put on a GOOG iron condor today. Odds are stock won't move past $380 or above $580. 3 contracts total for $1.20 credit. Max profit after commissions: $343.20 Max loss after commissions: -$2,656.80 B/E points: $358.86 and $601.14 PDF attached.

Nice trade OP. Thanks for the tip! Put on 1 of these for $2.35 debit, and should be worth $4.00 or so as the deal is rumored that it isn't going to go through.