SPX Credit Spread Trader

First time I was so coscious. I am only 1/4 invested this month. I didn't see any trend. I was expecting a downturn so I could get the PUT spreads and I am still waiting. 2 weeks to go; there is still time for me to get some return.

Stcoks spreads used to gime me very good returns but this month I was to scared to do so.

So far: I have

SPX 1330/1340
OEX 595/600
OEX 590/595 I am very cocerned about this one but I will see How the market is evolving. I may want to close it by monday or Tuesday. I got $1 for it long time ago.

I am looking for anything on the downside SPX1230/1220 or SPX1235/1225.

Quote from optioncoach:

Well I am fully loaded in MARCH options which are well OTM so I am just letting the positions do what they were intended to do. I have some margin room and may look into APRIL but not until next week or so.

I am sitting on the end of the first quarter where as I have said I like to take it easy and take an easy 1Q to get me focused for the year (if the market cooperates ;) ). And so far she has so no need for me to jump forward.... yet!

We will see what happens next week since this week was a nice sideways nothing. 2 weeks to expiration so theta will come in bigger with each price swing away from your short strikes. APRIL will be on the radar sometime next week.
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How do you have a 590/595 bear call spread and a 595/600 bear call spread. The 595 strike would be cancelled out...

Quote from piccon:



SPX 1330/1340
OEX 595/600
OEX 590/595
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Coach:

I'm feeling tempted by the following for April:

SPX 1355/1365 bear call at $0.70
SPX 1360/1375 bear call at $0.70

What do you think?
 
Answer: Two different accounts.

Holdings:

OEX 590/595 @1.05
OEX 595/600 @ 0.80
SPX 1330/1340 @0.65

Quote from optioncoach:

How do you have a 590/595 bear call spread and a 595/600 bear call spread. The 595 strike would be cancelled out...
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I will be doing 1355/1365

Quote from rdemyan:

Coach:

I'm feeling tempted by the following for April:

SPX 1355/1365 bear call at $0.70
SPX 1360/1375 bear call at $0.70

What do you think?
More...
 
April is 48 days to expiration which means next week it is within my credit spread range. Those strikes seem fine for APRIL but I would of course lean more to the 1360 as an extra 5 points of cushion is nice even if the return is lower. It is hard to determine where the overhead resistance is above 1300 since we would be in 4 or 5 year highs.

So in those instances you wanna go as far OTM as possible while still getting a decent return as the market kind of shows you the way. We have strong headwinds for now as the market cannot break 1295. perhaps she is turning over for more downward movement which makes the calls attractive.

You could wait a few more days for a move back above 1290 to grab some good credit way OTM. 1360 is probably a good range for short strikes on the call side.

My first instincts though is to grab some nice puts way OTM and take advantage of the IV skew and time value premium now and maybe find a good call entry if it presents itself. Will look much closer next week.


Quote from rdemyan:

Coach:

I'm feeling tempted by the following for April:

SPX 1355/1365 bear call at $0.70
SPX 1360/1375 bear call at $0.70

What do you think?
More...
 
Coach,

Since you are just sitting around waiting until next week to put on April positions:


Alba demands Playboy pull magazines

LOS ANGELES (AP) -- Jessica Alba is demanding that Playboy pull its March issue, saying she didn't agree to be on the cover and that the image may mislead readers into thinking she appears nude or partially nude in the magazine.
 
Volatility has been wild for the last 4 days or so. Up and down and down and up

Quote from optioncoach:

April is 48 days to expiration which means next week it is within my credit spread range. Those strikes seem fine for APRIL but I would of course lean more to the 1360 as an extra 5 points of cushion is nice even if the return is lower. It is hard to determine where the overhead resistance is above 1300 since we would be in 4 or 5 year highs.

So in those instances you wanna go as far OTM as possible while still getting a decent return as the market kind of shows you the way. We have strong headwinds for now as the market cannot break 1295. perhaps she is turning over for more downward movement which makes the calls attractive.

You could wait a few more days for a move back above 1290 to grab some good credit way OTM. 1360 is probably a good range for short strikes on the call side.

My first instincts though is to grab some nice puts way OTM and take advantage of the IV skew and time value premium now and maybe find a good call entry if it presents itself. Will look much closer next week.
More...
 
I would definitely say MISLEADING. What the @#$% am I going to do with the 100 issues I ordered?!?!?!






Quote from ryank:

Coach,

Alba demands Playboy pull magazines

LOS ANGELES (AP) -- Jessica Alba is demanding that Playboy pull its March issue, saying she didn't agree to be on the cover and that the image may mislead readers into thinking she appears nude or partially nude in the magazine.
More...
:D
 
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