i dont care what the vix is, opening bear call spreads after a huge selloff is inviting trouble. i will stop posting here if you do something so silly
I take it you have a MAY bull put spread somewhere close? did you leave it unheged? I was debatingthe same thing for my May 1280 short....tried to put on a small SPY hege before close but MM's were not even giving a nickel....
Actually, I had an order in for June bull put 1225/1215, but cancelled it. Two sharp down days and it seemed like I was trying to "catch a falling knife". Better to wait.
Down 30pts in 2 days:eek: Hopefully its washed out and next week will be ho hum.....sold 2X puts at 1245 for 4.10 so now have a long put spread 1250/1245 for a credit. will look to open a credit spread in the 1225/1235 range next week. taking a nap now.
What are you doing with your May 1280/1270 PUT.? It's worth $2 now. We may have some down days to go. My oscillators are not fully oversold yet. I am waiting for Monday, Tuesday to do something. I sold my SPY 129 PUT and bought some SPY 133 call as potential hedge for next week calls spreads if there is any bounce. I already had the 1375/1385 @1.00 and is now worth nothing. I expect a bounce Monday or Tuesday. We are getting seriously oversold shorterm
Pi: Your strategy seems to have gotten less risky in that you are now proactively putting on hedges, whereas, I believe you didn't use hedges before. I like the way you're setting yourself up, ahead of time, for future bear call spreads by proactively buying SPY hedges when they are cheap. My approach has been more reactive in putting on the hedges, but I can certainly see the merit of being proactive.
Well, even I have to say: Wow! EDIT: Just a clarification for the new people. I'm not the biggest JA fan because I like more voluptuous women. It's not because I'm, well you know.....