SPX Credit Spread Trader
- Thread starter El OchoCinco
- Start date
Geez...just got home from a long day away from computer...news etc. I did call my sis and ask what the mkt was doing...when she told me.... I said woo hoo
..
Soooo...my puts for June that I bought a couple of days ago were up 1.20...do I just take the profit and say "thank you god" or get greedy and see if we go down more and sell into them? hummm....
Andy was that calls or puts you sold for June? If calls thats very close to the vest you must really believe in this move down?:eek:
I've certainly been waiting for it, funny in the old days where I was just long or CC's days like today were ouch! Now...its great
The other thing I did several weeks ago was buy a B-fly with the shorts at 1295 (on my paper trade account so will not reap any reward if it hits). I just wanted to see what it would do.
..Soooo...my puts for June that I bought a couple of days ago were up 1.20...do I just take the profit and say "thank you god" or get greedy and see if we go down more and sell into them? hummm....
Andy was that calls or puts you sold for June? If calls thats very close to the vest you must really believe in this move down?:eek:
I've certainly been waiting for it, funny in the old days where I was just long or CC's days like today were ouch! Now...its great
The other thing I did several weeks ago was buy a B-fly with the shorts at 1295 (on my paper trade account so will not reap any reward if it hits). I just wanted to see what it would do.
You guys are killing me. I'm gone for a couple of days and there's 20 pages to read.
I'll tell you though, the way the unreasonable client beat me up today, I'm seriously considering quitting my day job and just trading. Managing people is such a drag.
Anyway, I posted on April expiration day the SET versus the Thursday close for 7 or 8 years [I'm hurt that no one remembers
, especially Mo!]
Reposting here and I'll update it with May data next week after expiration.
P.S. Mo: What does LMAO mean?
I'll tell you though, the way the unreasonable client beat me up today, I'm seriously considering quitting my day job and just trading. Managing people is such a drag.
Anyway, I posted on April expiration day the SET versus the Thursday close for 7 or 8 years [I'm hurt that no one remembers
, especially Mo!]Reposting here and I'll update it with May data next week after expiration.
P.S. Mo: What does LMAO mean?
Aardvark, I bought a put spread.... the NDX breakdown was pretty bad and that usually leads the market...
Quote from Aardvark:
Geez...just got home from a long day away from computer...news etc. I did call my sis and ask what the mkt was doing...when she told me.... I said woo hoo
Soooo...my puts for June that I bought a couple of days ago were up 1.20...do I just take the profit and say "thank you god" or get greedy and see if we go down more and sell into them? hummm....
Andy was that calls or puts you sold for June? If calls thats very close to the vest you must really believe in this move down?:eek:
I've certainly been waiting for it, funny in the old days where I was just long or CC's days like today were ouch! Now...its great
The other thing I did several weeks ago was buy a B-fly with the shorts at 1295 (on my paper trade account so will not reap any reward if it hits). I just wanted to see what it would do.
Andy, this thread has been very active the past 2 days you must not have seen my posts. I opened a SPY 131/129 debit spread position yesterday after the announcement. I already closed half of it today for a 78% gain. I am holding the remainder a few more days but i personally do not expect much further downside over the next week or so. I think we will find support around 1295 over the next few days. I am not looking to open anything else at this point. I have a feeling the bulls will come back soon. All we need is a few days of churning and then Maria Bartiromo can go on a date with Ben again and tell us the FED is done? LOL
What made you open that spread today? I hope you caught a part of the move today.
I bought some SPY 131 puts yesterday for 0.40 and closed today for 0.75. Rolled the profits into the JUN 1305/1300. Main reason was because of the NAS/NDX breakdown through major support today. IMO this is really bad for the market. I believe SPX is going to follow soon, maybe after a weak bounce. I plan to hold to near expiration. If SPX goes >1315, I'll close the spread.
I am glad to see quite a few people made out quite nicely from this pullback. The ndx was one of the reasons i went aggressive this time around with futures and a big position on debit spreads. When the SPX was hitting the new highs on low volume the nasdaq was very weak and beginning to break down. It was only a matter of time we had a nice pullback.
I personally wouldnt be chasing further downside here by going long premium but if you are willing to hold through june expiration then you might make some good money if this is the beginning of the 8-10% correction i've been waiting for. Unlike when i am short premium, when i go long i never hold the whole position through expiration.