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I am curious, though. Why would I ever get filled at a better price than what I'm asking for? Does anybody have an answer on that?

I got filled on the 1210/1195 for Feb. I was asking for $0.45 and got filled at $0.50 when I stepped away to make lunch. It's really strange, the SPX was down over 9 points and I couldn't get filled at $0.45. Now it's down just over 8 and I get filled at $0.50. Not complaining, but it...

Yeah. Actually, on my TOS screen it was natural of -.20 and mid of 0.45. Also, I'm just starting to put on my put positions. I generally don't put all my puts on at once.

I've been looking at the 1190/1180 Feb bull put as well. I placed an order (about 10 minutes ago) at 0.45 which was the mid with a b/a of -0.20 to 0.45. The SPX did not go down after I placed the order. Got filled at the mid within 5 minutes. Go figure?! (not that I'm complaining).

Coach: I'm thinking about the Feb 1330/1340 at about $0.60. Your thoughts?

That really is something we can take to the bank, isn't it. Maybe we should put that on our lessons learned list :)

Haven't been following the action today, but notice that the SPX is up almost 7 points as I write. Any reason why?

Yeah, that's true. 3% a month for 12 months would be 36%. I would definately be happy with that. So, that begs the question, why not stick with 3%? But I guess in the end, for us, it all boils down to the range the SPX traverses during an expiration cycle and whether we're outside that...

3%??! You really are starting the year conservatively. You're down even lower than I typically am (4 to 5% on margin per spread). That would currently be in the 1140/1150 range on the bull put.

That seems like quite a good credit. You must have hit it just right. Hopefully you'll post such excellent trades in the future so that we can take advantage of them :) I for one feel much more comfortable managing my risk on bear calls because you can see the train coming. With bull...

On Friday I called to have the February 1335 and 1340 added. They usually get added the next trading day, but it didn't happen today. Maybe tomorrow. When you call would you mind also requesting the 1335 and 1340 again. More squeaky wheels :) Oh yeah, the number is: 1-888-options

So, Coach. This looks like an opportunity to sell additional bull puts. The 1210/1200 has a mid at $0.55 as I type this. Do you think this is just low volume computer sell programs or is something more serious going on.

Anybody contemplating bear calls this week? The traders I follow made the following point: "The Santa Claus rally refers to the last five days of the year and the first two days of the next." Also: "If Santa fails to call, the bears may come to Broad and Wall." "Typically weakness...

I'm still gonna wait probably until the end of the year or early January. But in anticipation, I called to have the FEB SPX 1335 and 1340 added. BTW: I know you have the 45 day rule, but do you make exceptions.

Why not? It's about 8 weeks to expiration and the current mid on the 1330/1345 is $1.10. However, given the likelihood of a Santa Claus rally at the end of the year, probably would be better to wait and get an even larger credit or go further OTM.

I played with fire in December in that I took on some bear call spreads. Although I was in the same range as others (1275 to 1285) I decided to close the spreads instead of rolling. In hindsight I overreacted, but at the time it really looked like 1300+ was a real possibility. I'm still...

Got filled on a SPX JAN 1200/1210 bull put at $0.50. I would have preferred the 1200/1190, but there is no premium. ToS called down for me after my order sat for awhile and I got filled within 2 minutes after the call.

Is anybody playing the SPX weeklies. I was just looking at them and it looks like only 15 point spreads are available. Refresh my memory, when do they expire?

So, MoMoney: That was the first time I sat in on a ToS chat. I've read a few transcripts. I was very surprised to hear that Tom Preston's favorite strategies are ICs and vertical spreads. I thought the pros (except pretty much Coach) frowned on these strategies. I was even more...

Coach: What's your opinion on a January 1200/1190 SPX bull put? I tried to get the safe strike bull put that you put on earlier, but like you said, you've ruined it for all of us :)