SPX Credit Spread Trader

Here is my thinking. The put side of my position is getting light == 150 for put vs 320 for the call side. There is support at several levels, while the market has broken thru resistence.

Adding to the put side will postphone or even defer the adjustment of the entire position as it approaches my short call at 1360. Finally I will wait for awhile before moving up the long put.

Just some ideas.
 
Rally,

Tomorrow there could be some weakness due to Dell disappointment. Are you still considering getting out?

i am hanging in there and I will see what will come from the meeting before closing the position. Meanwhile I will do everything I can to open a Bull PUT position either tomorrow or Wednesday morning to help support any potential runup on Wednesday.

But don't intend to close right now.

I am just sitting on top of the JA channel.

Quote from cdowis:

Here is my thinking. The put side of my position is getting light == 150 for put vs 320 for the call side. There is support at several levels, while the market has broken thru resistence.

Adding to the put side will postphone or even defer the adjustment of the entire position as it approaches my short call at 1360. Finally I will wait for awhile before moving up the long put.

Just some ideas.
More...
 
We will crash nicely on Wed FED announcement. I see no evidence that the FED will stop anytime soon really. I am thinking of some OTM lottery tickets with SPX or SPY puts or weeklies tomorrow morning. Will post if I enter some.

If we rally on the news I will be long futures on the breakout anyway so I will make cheddar anyway lol....

JA
 
Are you adding to those SPY puts from last week?

Quote from optioncoach:

We will crash nicely on Wed FED announcement. I see no evidence that the FED will stop anytime soon really. I am thinking of some OTM lottery tickets with SPX or SPY puts or weeklies tomorrow morning. Will post if I enter some.

If we rally on the news I will be long futures on the breakout anyway so I will make cheddar anyway lol....

JA
More...
 
Quote from piccon:

Rally,

Tomorrow there could be some weakness due to Dell disappointment. Are you still considering getting out?
More...

I cant say for sure. If the SPX is at 1320 or lower before the announcement i will most likely sit through it. We shall see.

As far as my ES short, i will most likely close most of my contracts on any weakness tomorrow if we get one. I am thinking of leaving 2-3 contracts open as a lottery ticket and move the stop to 1331. Again, i dont know what i am going to do but this is the plan so far.
 
Quote from optioncoach:



If we rally on the news I will be long futures on the breakout anyway so I will make cheddar anyway lol....

JA
More...

If fed surprises us im going long the YM and shoot for the all time high :D
 
Coach, below is a viewpoint supporting your's. I have to wonder though, with Bush's popularity at an all time low, if he hasn't bullied Bernanke into being dovish... just to appease the market.

At this stage of the business cycle, policymakers are likely to decide that moving a few steps too far will involve lower costs than not going far enough," said Mike Moran, chief economist for Daiwa Securities America.
It would be easy for the Fed to reverse some tightening, while it would be harder to put the inflation genie back into the bottle, he said.






Quote from optioncoach:

We will crash nicely on Wed FED announcement. I see no evidence that the FED will stop anytime soon really. I am thinking of some OTM lottery tickets with SPX or SPY puts or weeklies tomorrow morning. Will post if I enter some.

If we rally on the news I will be long futures on the breakout anyway so I will make cheddar anyway lol....

JA
More...
 
Coach,
Did you put on a June credit spread position as of yet ??
Hard to search post...This thing is HUGE !!!!!!!!!

Thanks,

J-Law
 
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