SPX Credit Spread Trader

I wouldn't buy it back either (especially after the rally this afternoon). I was just commenting on the good drop in price to buy it back in a short time.

ryan

 

I am trying to fill my 1290/1295. I haven't got my price yet. Maybe tomorrow morning I will make sure I get filled. I am not sure SPX is ready to break the 4 years high yet. I am looking for a pull back. My short strikes for december are:

1150-1160 for PUT and 1290 for Call.

Cheers

 

I just opened a DEC 1275/1280 short today, so make room in the boat! Got a .65 credit towards the end of the day. I know that is kinda close, but the risk/reward is still right. Assuming the extra edge of selling the call spread on a runup is with me, I am well positioned for the down days that we are hopefully due for, and if we get a decent downdraft I am ready to add the puts.

I am still undecided on how strong the market is right now.

 

Technically I still feel safe at 1275 but with surges you never know lol. I am glad I bought my 127 SPYs to cushion the blow but I still see us not getting over 1260 in the next two weeks so theta....you better be on time!

 

One of the guys I follow made the point that the NYSE was up 84 points today, +2% and yet new lows beat out new highs 163 to 156. You want to be very careful with long positions here (...his words not mine).

 

35 more points in the SPX is still a bit if a leap without a strong catalyst. Next week will be lighter volume so my bigger concern right now is the Friday and Monday after Thanksgiving depending on where we are. My gut is telling me we might have to adjust on 1275 strike but it could just be end of the year, do not want any losses at all feelings talking

 

you should consider cascading entry of short strangles , try to paper trade it at first.

 

It is the margin I don't like really on naked options on the indexes so that is why I do the credit spreads.

 

Now that margin is getting released, does anyone have any suggestions on spreads? I'm looking to close out an 1120/1135 bull put spread and roll up, but there's not credit on anything I'm willing to roll up to! I'm hesitant to go over 1180, but up to there not much credit. Just curious!

 

I understand this , coach , but the first entry should be for a 1/4 only , so its almost the same.