SPX Credit Spread Trader

El OchoCinco · Jun 15, 2006

1220 was the end of the measured move for the bear flag that formed as SPX dropped from 1320 to 1220 or so. Assuming a pause or bounce, VIX would come down so I decided to take some profits.

I held it through the CPI announcement but adjusted my put spreads just for safety.

Quote from IV_Trader:

OC , nice timing for closing profits on VIX , dropped more than 20% since then

burrben · Jun 15, 2006

I also got out of my 1205/1195 once I saw that 0.4 CPI core number. Took a .30 loss on it, but I felt good about the trade yesterday.

I don't feel so good about it today, but I keep on telling myself I did the right thing with the information I had at the time. Oh well, live to trade another day....

burrben

Quote from optioncoach:

I knew it would be higher..... because I adjusted.

Coach Phil Contrarian Indicator is alive and well

Cache Landing · Jun 15, 2006

Quote from IV_Trader:

OC , nice timing for closing profits on VIX , dropped more than 20% since then

Healthy drop in vols today IV-Trader. You making any money, or do you mainly stick to equity ER trades?

IV_Trader · Jun 15, 2006

Quote from optioncoach:

1220 was the end of the measured move for the bear flag that formed as SPX dropped from 1320 to 1220 or so. Assuming a pause or bounce, VIX would come down so I decided to take some profits.

I held it through the CPI announcement but adjusted my put spreads just for safety.

next time u should consider vega trade via exotic in cases like this..I know , not so easy as its looks

IV_Trader · Jun 15, 2006

Quote from Cache Landing:

Healthy drop in vols today IV-Trader. You making any money, or do you mainly stick to equity ER trades?

its all about equities for me , CL...I am very happy about the drop , because I'm starting to enter ER positions on Monday

rallymode · Jun 15, 2006

Quote from Cache Landing:

Healthy drop in vols today IV-Trader. You making any money, or do you mainly stick to equity ER trades?

cache,

since the june trade worked out nicely, i got me another ratio put vertical on the ES yesterday. Up 50% on that one since 3pm yesterday. Holding out for a lil more vega gains before i close it out. I see lil more steam in this rally with another 200bp drop in the vix.

cdowis · Jun 15, 2006

Quote from burrben:

I also got out of my 1205/1195 once I saw that 0.4 CPI core number. Took a .30 loss on it, but I felt good about the trade yesterday.

I don't feel so good about it today, but I keep on telling myself I did the right thing with the information I had at the time. Oh well, live to trade another day....

burrben

Did you follow your plan? You can feel good about following your exit rules.

Cache Landing · Jun 15, 2006

Quote from IV_Trader:

its all about equities for me , CL...I am very happy about the drop , because I'm starting to enter ER positions on Monday

Ah yes, earnings are coming back around aren't they.

Cache Landing · Jun 15, 2006

Quote from rallymode:

cache,

since the june trade worked out nicely, i got me another ratio put vertical on the ES yesterday. Up 50% on that one since 3pm yesterday. Holding out for a lil more vega gains before i close it out. I see lil more steam in this rally with another 200bp drop in the vix.

I think you might be right, but I have no JUL positions yet, so I'm closing out all my JUN puts right now.

rallymode · Jun 15, 2006

Quote from cdowis:

For me the problem with Jul is a valid confirmation of support. The market has already broken thru several areas of support.

Waiting for a good support level is like saving yourself for a good lay, you won't know it was good until after you've had it.