SPX Credit Spread Trader

Probably will just let the FLY go to expiration next week. I also could have just waited for the end of hte large move and doubled my profit on the original SPY 131 Puts I bought but did not expect such a large move. I legged into a bear put spread to reduce my cost in case of a surge in a few days and then just added the other leg of the FLY as we dipped further.
 
Todays move reminds me of the move we got when the fed minutes came out last month. You guys remember when the SPX rallied 20+ points. Well i guess it's a wash now.

So does anyone know any better than they did before that rally what the fed was going to do? lol
 
My current position: Jun SP 1360/1380 call
1290/1250 put

Have an order to liquidate the call side at 80 since it provides no protection to the put side.
 
Quote from optioncoach:

Probably will just let the FLY go to expiration next week. I also could have just waited for the end of hte large move and doubled my profit on the original SPY 131 Puts I bought but did not expect such a large move. I legged into a bear put spread to reduce my cost in case of a surge in a few days and then just added the other leg of the FLY as we dipped further.
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just noticed you got a may fly not june. wow, arent you praying we churn for a week now :D
 
1290 puts on SP for June? Kinda of close since we just bounced of 1280...


Quote from cdowis:

My current position: Jun SP 1360/1380 call
1290/1250 put

Have an order to liquidate the call side at 80 since it provides no protection to the put side.
More...
 
>1290 puts on SP for June?

My original position was 1230/1260 and moved it up Tues to protect the call side when it was trading around 1326. Now I will get rid of the calls, and watch the put leg. I have been trading the Jun for two weeks now.
 
Ah, momo, bask in the glow of inexperience that radiates from a the novice spread trader.... I've haven't had to face off in a serious way with lady SET yet...although if she looks anything like Bartiromo in that earlier evening dress pic, I'll likely be on all fours, or at at a minimum on the bottom. If all this comes to pass, maybe Swayze ala Ghost can reach around and craft a pot for me to hold my balls.

Bottomline if we don't get a bounce early next week, I'll close or put on a small debit spread hedge. Perhaps the r/r is not there...I understand. But up decent these past couple of months, so willing ot risk alittle.




Quote from momoneythansens:

Yes, could well be a nice buying opportunity here and we bounce. Who knows? I believe wild swings of this nature are to be expected in the coming weeks. That's just me talking out of my ass.

However, all I really know is that SET knoweth not of support and resistance LOL. She can reach up or down through otherwise inpenetrable surfaces only to then nudge you off that cliff - much like Patrick Swayze in Ghost ha!

On a .50c spread with only a week till expiration, you have virtually no choice but to hold on till expiration in order to realize any gains worth taking - in which case you may have to take your chances with lady SET. Mwahaaahaahaaahaaaaaa.
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