Today's Action Cont.
BTC 6 SPX MAY 1275 p @ 3.30
BTC 6 SPX MAY 1265 p @ 2.85
Year to Date P/L
Account Value: $12,919.00
YTD Gross P/L: 3,315.00
YTD Commiss: 396.00
YTD Net P/L: 2,919.00
YTD % P/L: 29.2%
The plan was originally to roll down/out on the SPX bull puts, but when the CPI came in so high I got worried that this might be a sustained drop. When the underlying bounced this morning just after the open, I thought we might be seeing some strength. I waited for it to make new lows and bought back the 1275 shorts anticipating that it would continue down.
Problem was that I only had 2 days til expiry and the longs were still pretty far OTM. The other problem was that I had a meeting to go to, so I set a limit order to sell at just above B/E. I could've made more if I'd have been around, but I can't complain about B/E.
For any beginners that might follow this, I generally wouldn't leg out like this when the longs are that far OTM (especially on SPX), but today was a pretty easy day to anticipate market movement.
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