SPX Credit Spread Trader

Discussion in 'Journals' started by El OchoCinco, May 17, 2005.

  1. No June Positions in this account, just loaded up on May :D



    MAY POSITIONS


    -500 SPX MAY 1215/1225/1370/1380 Iron Condors @ $0.60

    Credit = $30,000
    Risk = $470,000
    Return = 6.38%

    VIX CALL HEDGES

    Long 100 VIX MAY 20.00 Calls @ $0.20
    Cost = $2,000

    Long 50 VIX MAY 15.0 Calls @ $0.62
    Cost = $3,100

    DIAGONAL SPREADS

    Sold - 24 MAY 1345 Calls @ $1.50 ($3,600)
    Bought +30 JUN 1385 Calls @ $1.05 $3,150

    Net Credit = $450
     
    #6131     May 9, 2006
  2. Any thoughts on the June 1385/1400 bear call spread
     
    #6132     May 9, 2006
  3. ryank

    ryank

    I'm sitting tight until tomorrow's Fed announcement. I do have a small 1380/1390 bear call spread (got in for .60 credit) right now but don't want to push my luck any more. The mid on the 1385/1400 is currently .65 so you are looking at maybe .55 on the fill. There continues to be an upward bias to the market but tomorrow should set the tone going forward.
     
    #6133     May 9, 2006
  4. Since I am loaded up with MAY I will also be waiting for tomorrow's move to see what I can do next. I defintely will be trading it intraday on the breakout and run :D
     
    #6134     May 9, 2006
  5. thanks for the input
     
    #6135     May 9, 2006
  6. burrben

    burrben

    I'm short the 100 x 1350/1355. I'm looking to add some hedges or lotto tickets to the positions. Coach, how would you figure out how many spy calls you would hedge with? I took in .45 for the spread.

    Also, anyone buying puts/straddles/debit spreads in anticipation of tommorow?
     
    #6136     May 9, 2006
  7. I usually commit a portion of my credit if I am gonna add a SPY hedge. So if your credit is about $4,500 then look into about 25% or so to buy SPY hedges. It is subjective and also depends on the strike selection.


     
    #6137     May 9, 2006
  8. Crucis

    Crucis

    Coach, I'm a newbie. I play credit spreads and ICs on OEX, SPX, and RUT. Would you explain how a SPY hedge works with SPX bear calls?
     
    #6138     May 9, 2006
  9. Covered my entire -ES position at 1328. Too close for comfort. Didnt get the pullback i expected. Profit 2.5 points. Return on risk 50%.


    Holding my SPX 1335/1340 credit spread through the Fed announcement. Nibbling on a small june position here, will see if i get filled.
     
    #6139     May 9, 2006
  10. cdowis

    cdowis

    Moved up my credit put leg (SP)

    from 1230/1260 to 1250/1280 with credit of 110. A move upward looked really ugly.

    My call spread remains at 1360/1380.
     
    #6140     May 9, 2006