SPX Credit Spread Trader

I don't think anything is moving today...I put the straddle on and it sat most of the day...just took it off but looked at "think spreads" and there are a ton of spx trades at or near mark going no where:(
Quote from ryank:

For the past 2 days I've been sitting out Jan involuntarily. Damn MMs won't take my order at .10 off the mid. I called the trading desk and they were less than helpful.

ryan
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I've found that you can take the NBBO spread and split the difference by 3 .... add that to the BID side and MAYBE you'll get filled !

Quote from ryank:

For the past 2 days I've been sitting out Jan involuntarily. Damn MMs won't take my order at .10 off the mid. I called the trading desk and they were less than helpful.

ryan
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Andy,

That would be telling :D

Actually, I lied. I do have a little QQQQ diagonal left over that has been going since September lol. Last month for it is Jan and rolled into a bear call vert a few days ago.

Other than that and some other minor positions, I'm pretty flat.

I don't want to get into the market just for the sake of it. Will make mind up next week and monitor for the right kind of set ups or take a vacation.

Btw, the 560/575/590 OEX Fly was a nice winner if you did it.

Momoney.


Quote from andysmith:

MoMoney,

Thanks for the replies. Since you are sitting out credit spreads for Jan (and Feb maybe), what do your positions look like?
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I said the SET was guaranteed to be higher because the futures were up in the pre-market and the SPX was up all morning through lunch so the SET had to be positive. Was hoping for more than 1274 + so my $6.20 straddle lost about $1.40.. :(. That is why I only did one.... lol


Quote from rjg96:

No idea; I was playing around w/ "can't lose" trades just to see what would happen. I'd entered one for the 1255/1260 @ 4 as well just to see what would happen (needless to say, that didn't work).

I was stunned when I saw that my 1260/65 actually got filled at 4 (at around 3pm). Of course, then I started to convince myself that the market would tank and close below 1265. But, I figured-- worst case I lose $4k. :) It was an interesting (and hopefully profitable) experiment; much like your straddle play.

BTW, when you said that the "SET is guaranteed to be higher"-- what did you mean by that? I scrared myself last night by looking at thte SET vs closing values spreadsheet that was posted; there were 20 times when the SET closed > 5 handles below the previous close!
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I have been slowly day trading the ES and ER2 (E-mini Russel 2000) but I do those in a separate account not connected with my credit spreads here. I have been refining my system (nothing fancy just using daily TA to find long and short entries) and it has been improving since I started in SEPT. I am flat for the year but I have not had the time to do this daily. I look for small bites day in and day out and will start more serious in JAN for the new year. Right now just getting consistency with 1 and 2 contract positions so that I can do it day in and day out when I have more time. My posiitons are on from 1 minute to 15 minutes but never really longer than that.

Quote from andysmith:

Coach,

I believe you play the directional swings (ones lasting three or four days) in SPX with ES... are you still doing that? Do you use any other method to play directional swings?

Do you (or anyone else) use synthetic calls/puts (eg: long ES+long put) to capture a directional move? I have not tried this but am looking at it...
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Well DEC SET has come and gone and quite the contrarian, DEC SET was pretty weak (about 4 points) compared to NOV when you might expect that kind of SET lol.

I will wait to my posiitons are cleared up to determine my final profit for DEC. As you may recall from earlier posts which have gotten buried in great discussions and pictures of JA, I had about a $4k profit for the month after having to adjust my calls so I am quite happy with that. I will also try and run a final estimate of performance for the year as well.

I hope you all had a good DEC for trading and feel free to post some results and your own take on how things went. As the end of the year approaches I will start discussing lessons learned as well.
 
I was short the 1230/1240 put vertical.

I fudged the order and got less than my intended limit but I decided it was good enough to go with so I stuck to it. I was getting kinda nervous there last week but the fed rally saved my butt.

What can I say other than its true that even a blind squirrel will find a few nuts.
 
Mo..

The OEX 565/580/595 paid off big also...

I've been entering these FLYs with just over two weeks remaining in the contract....

It's been interesting to say the least.

Murray
 
Quote from andysmith:

Under what conditions does VIX rise in an uptrend (usually it declines in an uptrend)?
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In a volatile uptrend (large range days and weeks), VIX could increase. But if the market is in an uptrend, the VIX would still be comparatively low.

The rule of thumb is that the VIX is lowest when the market is close to 52-week or longer highs, and is highest when the market is making new 52-week or longer lows.
 
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