Jeff 7:15 am on Friday, April 28, 2023
Tags: SPX1dte ( 1,714 )

Not my week

#SPX1dte Bought to close $SPX Apr 26th 4165/4185 call spreads for 4.20. Absolutely brutal.

jsd501 8:55 am on Friday, April 28, 2023

When we get into a bull market you will make a ton of money.
- Jeff 9:01 am on Friday, April 28, 2023
  
  It’s very discouraging to have this happen in one week. Went from 3.14 weekly average to 1.92 currently (YtD). I don’t remember ever seeing the range between short strikes being so small. I looked back at similar moves to yesterday in first quarter, and sometimes I wasn’t even stopped out, and when I was, I got fair warning and suffered only small loss.
  
  Doing some major assessment today on how to make sure this doesn’t happen again. My biggest error was the roll yesterday. They have worked before so I was not careful enough with it. Today’s error was not heeding what happened yesterday. The buying fever was still there and they went nuts, forcing me to panic and chase. A risk/reversal on the slightly down market at open would have been stellar.
  - jsd501 9:09 am on Friday, April 28, 2023
    
    Are you still down in L.A.? I was thinking and in the past, your 6% delta used to be about 80 points wide on each wing and I noticed that recently the 6 delta was only about 60 points. Also, it seems like the institutions are hungry for a bull market but the FED has not confirmed it.
    - Jeff 9:23 am on Friday, April 28, 2023
      
      Yes, I’m in LA… first week back on set after a 2-month hiatus. My job is relaxed enough that I can still be on laptop when I need to be.
      
      The width of condors always vary based on volatility, but since this last Upside Warning took effect they have been smaller than in the past.