SPX Credit Spread Trader

Quote from piccon:

Unfortunately, I don't see any excitement. TOS doesn't work for me. If you can use the Desktop version, ok go for it. Regarding the Web Version, no way.

I can't get the Desktop version to work at work so I am out.

I put 12000 in the account, that's all it will see.

MHO
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Same here - desktop version at work = NOGO so me and my trading buddy at work don't use it.

Rookie Rich
 
Another option would be to run TOS on your home computer and then connect to it using Remote Desktop or something like GoToMyPC. This will get you around any port blocking that the Man be be sticking you with.

Just an idea...

Quote from rsflint:

Same here - desktop version at work = NOGO so me and my trading buddy at work don't use it.

Rookie Rich
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MAY POSITIONS


-500 SPX MAY 1215/1225/1370/1380 Iron Condors @ $0.60

Credit = $30,000
Risk = $470,000
Return = 6.38%

VIX CALL HEDGES

Long 100 VIX MAY 20.00 Calls @ $0.20
Cost = $2,000

Long 50 VIX MAY 15.0 Calls @ $0.62
Cost = $3,100

DIAGONAL SPREADS

Sold - 24 MAY 1345 Calls @ $1.50 ($3,600)
Bought +30 JUN 1385 Calls @ $1.05 $3,150

Net Credit = $450
 
I felt compelled to get out of my earlier, ill-advised, bear call. Here are the particulars:

4/18/06: Sell to Open: May SPX 1345/1355 at $0.65 credit
4/21/06 Hedge: May XSP 133/134 at $0.35 debit

Today:

BTC: May SPX 1345/1355 for $1.30 debit
STC: May XSP 133/134 for $0.30 credit.

So overall, I went from a $0.30 net credit to a $0.70 net debit.

I felt I had to do this today because I'm going to be on an island on Monday and Tuesday where there is no cell service and I will not have access to the internet. Given this strong surge, I just didn't want to chance it. Even after this, I'm still profitable on the month at around 4.2% return on margin.
 
Phil,

It's official, our investment club members will be listening intensely as they will be receiving extra credit for any renown and/or profound 'quote' they hear on your radio broadcast this Monday.

I'm looking forward to hearing from them next week!

M~
 
Rallymode,

We are hitting the top of the current channel but we are 6 weeks out from June expiration, too early for one of your close to the money spreads isn't it?
 
Is that Island called Manhatten?

If we have a similar positive reaction on Tuesday, then with a week left the 1345 could be in danger with a good SET. Nothing wrong with getting out of the way and STILL having a net profit....

Quote from rdemyan:

I felt compelled to get out of my earlier, ill-advised, bear call. Here are the particulars:

4/18/06: Sell to Open: May SPX 1345/1355 at $0.65 credit
4/21/06 Hedge: May XSP 133/134 at $0.35 debit

Today:

BTC: May SPX 1345/1355 for $1.30 debit
STC: May XSP 133/134 for $0.30 credit.

So overall, I went from a $0.30 net credit to a $0.70 net debit.

I felt I had to do this today because I'm going to be on an island on Monday and Tuesday where there is no cell service and I will not have access to the internet. Given this strong surge, I just didn't want to chance it. Even after this, I'm still profitable on the month at around 4.2% return on margin.
More...
 
Phil,

I'm actually probing for the Put side of my diagonal today. With the VIX down big today.... and a hope for a correction going forward... I really think the Put side will benefit.

I'm looking at these diagonals not as THETA trades, and would enjoy movement toward short position, especially on the downside... (increased VEGA).

We'll keep you updated!

M~
 
Well I put on my call diagonal based on I think we are at or close to a general top for MAY expiration bu could push higher into JUNE. I have not looked at the puts yet but it may be good to do as you are and go contra the day move when entering the position.
 
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