SPX Credit Spread Trader

Not to change the subject.... but with the market reaching resistance here around 1200....

An order was placed and filled for a Nov SPX Bear Call Spread 1140/1150 for $0.70

Current position for November Iron Condor:

1130/1140 Bull Put Spread - $1.30
1140/1150 Bear Call Spread - $0.70

Anyone suggestions going forward?

Murray
 
Typo?

Quote from Sailing:

Not to change the subject.... but with the market reaching resistance here around 1200....

An order was placed and filled for a Nov SPX Bear Call Spread 1140/1150 for $0.70

Current position for November Iron Condor:

1130/1140 Bull Put Spread - $1.30
1140/1150 Bear Call Spread - $0.70

Anyone suggestions going forward?

Murray
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Quote from gatorplease:

TS...which is Thinkorswim (Who thought up that name anyways!)
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I believe Tom Sosnoff, one of the founders and former CBOE pit trader, came up with the name. I've never heard the story behind it, though.

Good luck to all.
 
When I asked Joel Blom (President) he says he wishes there was a really interesting story about the name and how they came up with it, but there isn't lol.

Phil

Quote from AmbushHillbilly:

I believe Tom Sosnoff, one of the founders and former CBOE pit trader, came up with the name. I've never heard the story behind it, though.

Good luck to all.
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Hi Murray..I assume your Bear call is a 1240/1250...what I did this am was buy the 1250 outright at .55 I sold another 20 PS at 1135/1125 for .60 so now my put spread is 1150/1125...I want to see what kind of steam this rally has before selling the short call. donna


Murray wrote:
1130/1140 Bull Put Spread - $1.30
1140/1150 Bear Call Spread - $0.70

Anyone suggestions going forward?

Murray [/B][/QUOTE]
 
I got into a call spread at 1240/1250 for $.80. There was some good upward steam in the market today, that's for sure. I'm looking at put spreads and haven't decided where I want to be yet.

ryan


Quote from DonnaV:

Hi Murray..I assume your Bear call is a 1240/1250...what I did this am was buy the 1250 outright at .55 I sold another 20 PS at 1135/1125 for .60 so now my put spread is 1150/1125...I want to see what kind of steam this rally has before selling the short call. donna


Murray wrote:
1130/1140 Bull Put Spread - $1.30
1140/1150 Bear Call Spread - $0.70

Anyone suggestions going forward?

Murray
More...
[/B][/QUOTE]
 
I also opened a 1240/1250 Call Spread for $0.55 today.

I now have a IC for SPX(1160/1240):
1160/1150: $1.20
1240/1250: $0.55
TOTAL CREDIT: $1.75

Also have IC on MNX
150/167.50 IC: $0.65/contract

and

DIA IC: 102/110: $0.40/contract

Also opend a Bear Call Spread on TLT(iShares Lehman 20+ Yr Treasuries). I just wanted to to see what would happen to that ETF, with all the news about inflation and interest rates.

Sold 91/92 Bear Call Spread for $0.30.

Let's hope November is a lot more calmer than October was.
 
I see a lot of people going for the 1240/1250 strikes for the call spreads for November. Just be aware of rallies into November. I know there is not a lot of premium on the call sides far OTM but be careful chasing premium. We are 40 points OTM and we have resistance at 1200, 1225-ish and around 1245. If there is not a lot of premium just remember that you do not overlook your risk management and chase lower strikes. If we get a few great surges we are close to 1240 or your adjustment zone. Just keep these thoughts in mind. I have not opened any call spreads yet because there is not much premium at the strikes I like and I figure if we get more updays I can grab em.

On the downside I have the 1150/1160 and I am slightly concerned. Todays 20 point move in the SPX is nice but I want to make sure we do not have another shock in our system. I am being a little cautious after October and perhaps too cautious but I want to be sure before I jump in.

I am not saying there is anything wrong with the 1240 or 1160 short strikes, just throwing in another cautionary reminder.

Phil
 
Donna, Ryan, DayTrader and Murray:

I hate you all :)

Just kidding. I guess I was the first to post on the 1240/1250 and I got the lowest fill:(.

Anyway nice fills, but I agree with Coach. I would rather have put on a bear call with both strikes above 1245. Let's hope it's a calm November.

Good luck!

Quote from daytrader85:

I also opened a 1240/1250 Call Spread for $0.55 today.

I now have a IC for SPX(1160/1240):
1160/1150: $1.20
1240/1250: $0.55
TOTAL CREDIT: $1.75

Also have IC on MNX
150/167.50 IC: $0.65/contract

and

DIA IC: 102/110: $0.40/contract

Also opend a Bear Call Spread on TLT(iShares Lehman 20+ Yr Treasuries). I just wanted to to see what would happen to that ETF, with all the news about inflation and interest rates.

Sold 91/92 Bear Call Spread for $0.30.

Let's hope November is a lot more calmer than October was.
More...
 
You have to go back to the early 90's to find novembers that equaled or undercut the low of october. many times november has been a strong trend up month. and you guys are selling november bear call spreads in october????? i was thinking the same thing about bull put spreads you guys were putting on for october which ended up causing you so much stress. seems as though some simple seasonality studies would greatly increase your return while reducing your risk.

october is fiscal year end for many many many mutual funds and hedge funds in order for gains/losses to be counted up and distributions to shareholders/partners can be made and bonuses paid to the managers/traders. just like the seasonal dip mid december when individuals sell dogs the october dip is when institutions sell. their year begins in november and they have a whole year to let things ride so u tend to get a lot of money put to work. maybe this year will be like the early 90's but why sell a call spread just as u r going into one of the strongest times of the year?

just a heads up. i wish u guys continued success with one of the best threads going on ET.
 
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