Jeff 6:55 am on Monday, November 2, 2015

SPX ITM spread: Nov 6th 2075/2100

#SPXcampaign STO $SPX Nov 6th 2075/2100 call spreads for 14.55. Rolling from the 2070/2095 spread closed Friday for 14.20

Bob King 7:06 am on Monday, November 2, 2015

Hi Jeff – Congrats again on the new site…spiffy! I don’t understand your new trade? Why would you STO and in the money call? Are you that sure of a pullback? Or did you mean you BTO SPA 2070/2100 call? Please advise.

bob
- jeffcp66 7:11 am on Monday, November 2, 2015
  
  Hi Bob,
  Please see my earlier post from this morning on rolling ITM spreads… leave another comment if you still have questions. Thanks!
  - Steve Sloan 1:10 pm on Monday, November 2, 2015
    
    Hi Jeff…Great site! So on up days one would roll out and up exponentially to escape expiration settlement?
1strangealien 11:18 am on Monday, November 2, 2015

Hi Jeff,
What kind of stop do you put on this spread?
Ben
- jeffcp66 11:45 am on Monday, November 2, 2015
  
  I don’t. Once you’re ITM, there’s no going back… I’m exaggerating, but the idea is we will wait for the pullback. If one does not come below 2075, then we will play swings to drag the ITM spread higher and get out at higher strikes.
  
  I know this kind of day is scary, but basically today is a “crashing up” day; kind of the reverse of panic selling. This is panic short-covering or panic buying. Sorry that we keep going up; I expect resistance at 2100, which won’t necessarily mean it stops there today, but should retrace this week. But we can never be sure. The key is being patient. Your margin is not affected by the SPX level. Are you okay margin-wise to continue making other trades?
  - 1strangealien 12:17 pm on Monday, November 2, 2015
    
    Thanks! Yes margin is ok. I’m expecting some retracement this week also, with the jobs number on Friday and people wanting to figure out what the fed will possibly do in Dec. But wow these buyers just will not go away!