SPX Credit Spread Trader

Well with the nice dip today I decided I would simply grab another JUNE put position deep OTM and ride it another week or so instead of looking to July yet. So I added more puts detailed below. It was not my intent to basically end up with a rolled up put position but since I did not get out of my JUNE calls when I wanted to, I figured I would just add some puts for the last 10 days if I could go deep OTM and I did. JULY will be a busy month for other reasons so another bit of premium in June will be nice.


JUNE POSITIONS

Sold 225 SPX JUN 1140/1160 Put Spreads @ $0.75
CLOSED for $0.15 or net profit of $0.60 or $12,375 after commissions.

OPEN: Sold 225 SPX JUN 1330/1350 Call Spreads @ $0.15


OPEN: Sold 225 SPX JUN 1195/1175 Put Spreads @ 0.20
Credit = $4,500.


+ 200 SPY JUN $133 Calls @ $0.05 for $1,000
 
OPEN: Sold 225 SPX JUN 1195/1175 Put Spreads @ 0.20
Credit = $4,500.

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Coach
At what point would you consider hedging with SPY puts for the above.On an up day after it breaks the 1245 support?.

If its not for my fear of market crash, those puts are up for grabs.
 
Read the post again...

I had orders to close out both the puts and calls together to free up space for JULY positions. I got filled onthe Puts and not the calls, which I still have. SO I cannot really get into any July positions yet.

Therefore I decided to get back the $0.15 I gave up plus another nickle for additional profits and commission coverage. I clearly stated that it was not my intent close and roll up, these were 2 separate decisions.

As for risk, I have the same risk I always have had since I opened the condor to begin with :).


Quote from ready:

Coach
There is only a nickel gain between those. Did you just feel like trading and increasing you risk?
More...
 
With 10 days to expiration and about 85 points OTM and a few nice support levels, I would not partially hedge this at all right now. Even if we hit 1245 in a few days, I would still have a cushion. I would be more inclined to adjust if SPX hit 1220 oe below but would depend on how many days were left and SET since it is a triple witching month.

Quote from Heatheranderson:

OPEN: Sold 225 SPX JUN 1195/1175 Put Spreads @ 0.20
Credit = $4,500.

-----------------------------------------------------------------------------------

Coach
At what point would you consider hedging with SPY puts for the above.On an up day after it breaks the 1245 support?.

If its not for my fear of market crash, those puts are up for grabs.
More...
 
BY the way I am speaking at the Trader's Expo this Saturday in Ft. Lauderdale and will be taking in the seminars and goodies THU and FRI. If anyone is going to be at the Expo this week, say hi! :D
 
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