SPX Credit Spread Trader
- Thread starter El OchoCinco
- Start date
My bad too, I meant 1235/1245.
You're right though. I did turn some into flies. Now I'm toying with buying back one side of the fly, leaving me with a bear put.
Alright, now that we had our bounce thanx to the Memorial Day Rally (cache, promotion worked LOL) what is next for our beloved index?
We are closing at a relatively weak resistance point here. If we get through 1280-1282, i see a continued move into the 1290-1300 area. Now that's where i expect MAJOR resistance. I do not see the SPX going over 1300 unless something really positive comes out of the economic reports over the next week or two.
1290-1300 would be a pretty good area to open bearish position, however i wouldnt go the credit call route this time around. As always just my opinion.
Have a great holiday guys!
We are closing at a relatively weak resistance point here. If we get through 1280-1282, i see a continued move into the 1290-1300 area. Now that's where i expect MAJOR resistance. I do not see the SPX going over 1300 unless something really positive comes out of the economic reports over the next week or two.
1290-1300 would be a pretty good area to open bearish position, however i wouldnt go the credit call route this time around. As always just my opinion.
Have a great holiday guys!
Completely agree. Strongest resistance at 1295. Bear puts are probably the better choice. I'm actually thinking about going halvsies and opening both bear calls and bear puts. Or a few bear calls and long ATM puts. We'll see.