SPX Credit Spread Trader

well I missed all the non action...although spx seems to be having an identity crisis...I did get filled on my June 1250 puts so will be hoping to sell a 5 point and a 10 point spread sometime next week during the volitile exp week:p I'm thinking of keeping some of the 1250's as a ratio long...but not as many as I did this month:(

I was tempted Nick and still can't figure out what I'll do (abt my May1340's)..but when I am undecided then doing nothing seems to be the best course for me.
 
Quote from Aardvark:

well I missed all the non action...although spx seems to be having an identity crisis...I did get filled on my June 1250 puts so will be hoping to sell a 5 point and a 10 point spread sometime next week during the volitile exp week:p I'm thinking of keeping some of the 1250's as a ratio long...but not as many as I did this month:(

I was tempted Nick and still can't figure out what I'll do (abt my May1340's)..but when I am undecided then doing nothing seems to be the best course for me.
More...

At the moment I'm also doing nothing with my 1340's.:)

[edit] I actually think that the CPI report will be a bigger deal than today's announcement.
 
I just figured out something pretty cool...I'm sure you guys already know...but since I bought those June puts I can now sell some May puts (don't need to sell the spread) The computer recognizes the diagonal.....so If we do get a big down day in the next couple of days I can sell some puts to pay for closing the 1340/1350 may calls. yeah:)
 
What a battle this was. Gotta love this volatility for legging into spreads.

Just opened June positions.

June ES 1355/1360 bear call spread for $1.75 credit.
June SPY 131/129 bear put spread for $.45 debit.

Will add more contracts when May position is closed/expired.
 
That seems like a great credit for a 5 pt. vertical that is almost 35 points OTM.

Keep that up and you may actually convert a few of us :)

Quote from rallymode:

What a battle this was. Gotta love this volatility for legging into spreads.

Just opened June positions.

June ES 1355/1360 bear call spread for $1.75 credit.
June SPY 131/129 bear put spread for $.45 debit.

Will add more contracts when May position is closed/expired.
More...
 
Quote from andysmith:

Aardvark, can you give a ballpark example of this? Also, why have you strayed away from these (I'm guessing because ROM was low, maybe 3% or so)?
More...

Sure Andy...I don't start out with spreads that wide but for instance this month my initial put spread was 1215/1225. I closed that trade for a profit and a day or two later bought some 1225 (when the mkt started going up) the mkt kept going up so to get a decent credit I sold some 1250's. I closed out that spread for .20 and now I'm looking to sell some 1275's (covered by my June puts). Other times to get more premium I'll roll my shorts and end up with a very wide spread.

edit: sorry what was the question?:confused:
 
Quote from rallymode:

What a battle this was. Gotta love this volatility for legging into spreads.

Just opened June positions.

June ES 1355/1360 bear call spread for $1.75 credit.
June SPY 131/129 bear put spread for $.45 debit.

Will add more contracts when May position is closed/expired.
More...

Great credit on the 1355/1360! I've got a project deadline commandeering all my time, so I didn't get to trade the swings.:(
 
You know I don't reall look at ROM...i know ppl need to have a ballpark but I just want cold hard cash:p so if I have extra $$ I'm happy to use it up as margin esp since I can't get that return on the cash just sitting there. Like last month abt a week before exp I had some useless legs and decided to sell to make a spread that was like 50 pts wide using up a margin of 47K for just $700 but my justification wa that I wouldn't get $700 in a week of interest for the 47K which would just sit there.
 
Quote from rallymode:

What a battle this was. Gotta love this volatility for legging into spreads.

Just opened June positions.

June ES 1355/1360 bear call spread for $1.75 credit.
June SPY 131/129 bear put spread for $.45 debit.

Will add more contracts when May position is closed/expired.
More...

That is a great fill! I was driving around the city from 11:30 until almost 4:00 so I missed out on all the action too :mad:
 
You must log in or register to reply here.
Back
Top