if we find some sort of footing here the iv will likely drop before we reverse. i dont like being long premium when its relatively more expensive as well. But the way the puts are skewed right now, i am not opening any credit spreads either. Like your technique you mentioned earlier about closing the short and leaving the long side. That's how i get out of losers also, when the moment is right(like after todays neg CPI report) you can easily catch the swing and break even. It does introduce directional risk however but well worth it in my experience. nice job getting out of that trade.
Today could very well be the low for the next few weeks. However, I don't see a chance of a close above 1305 on SPX cash. Relatively tight range.
Anybody opening up their June Bull Put side today on the drop? I'm looking at the 1205/1195 for .55 with the mid at .65. I covered my 1280/1275 trade two days ago for a .85 loss, but as today is my "late" day on PST time, I breathed a sigh of relief when I see the SPX at 1272... I thought about just selling out the short put, and hold onto the long 1275 put, which I probably should have done, but I was in capital preservation mode and living to fight another day.... sd