#SPXcampaign This morning I was a rolling fool. I have been managing my way (slowly) out of call spreads that were (and are being) crushed. It will either take a few months or one decent pullback to get me out. I’m being patient and aggressive at the same time.

And I’m using the experience to understand how to roll ITM. It is not as difficult as I thought, save for the fact that you experience large drawdowns and heavy margin requirements. But veterans of #VXXGame know all about that!

Bought to close $SPX Aug 18th 2130/2155 call spreads for 23.20. Sold as a roll for 6.35 on June 28th.
Rolled to: $SPX Aug 24th 2135/2160 call spreads for 21.50, and Aug 31st 2140/2115 put spreads for 2.45.
Here I am trying to do just a one-week roll, while moving one strike higher. Thinking is that whenever a correction comes, my call spread will drain of value more quickly with a near-dated spread. PLUS, near-dated actually have more spread premium than further ones (due to bigger difference between short and long strikes). Also added a slightly further-out put spread to bring in a credit on the roll.

Sold to Open Sept 9th 2080/2055 put spreads for 1.30, standard weekly spread.

Sold to Open Aug 24th 2140/2115 put spreads. Roll spread to offset calls sold earlier this week.

Good news is I have 2195/2220 calls and 2150/2125 puts expiring today. This was a similar roll two weeks ago from a partially ITM spread… so I can get out of these suckers!

I got busy this week and have not updated the SPX Chart… will do before Monday.