Jeff 6:45 am on Monday, December 8, 2025

SPY rolls

Rolled $SPX Dec 8th 682 put to Dec 9th 682 put, .62 credit

Trying to roll up my 675 LEAP spread today

Jeff 6:58 am on Monday, December 8, 2025

@fuzzballl, I’d like your thoughts on this. I just closed my 675 LEAP spread for 30.75. I have my only other spread currently at 685. Which strike would you choose to roll the 675 to today? 680, 685, or 690?
- fuzzballl 7:08 am on Monday, December 8, 2025
  
  I’d go 685. Mainly because that’s where you’re other one is. As you build a position it will be much simpler to have all the LEAPS at the same strikes.
  - Jeff 8:04 am on Monday, December 8, 2025
    
    I’m experiencing the perils of legging out… closed on the morning low, only to have it go lower. Was planning to buy the higher spread when we bounced higher.
Jeff 12:10 pm on Monday, December 8, 2025

Sold to close the Jan 2028 675 LEAPs spreads today for 30.75. Did not roll it as we went lower all day and I’d prefer to buy a new one at higher levels. Closed Dec 8th 679 put for -.11.

Originally bought it for 37.76 on Nov 17th. Loss on the spread is -7.01. Sold a put against it a total of 9 times (it got deep ITM so had to roll a week out at one point). Got assigned stock twice. Total profits on sales of puts: +12.25, meaning profit on the trade was +5.24.

Will buy a new spread when we go higher, or reenter this one of we go lower.
- matt0311 12:20 pm on Monday, December 8, 2025
  
  Do you enter these on a neutral or a directional bias?
  - Jeff 12:25 pm on Monday, December 8, 2025
    
    Following @fuzzballl‘s strategy so better to ask him, but the idea is neutral; to sell puts daily against this no matter what the market is doing. But the LEAP spread can be entered with directional bias as buying at highs will retain its value longer in an up-market and counter your losses on the dailys better on a down market.
  - fuzzballl 4:51 pm on Monday, December 8, 2025
    
    Jeff’s response is spot on.
- MikeL 12:22 pm on Monday, December 8, 2025
  
  Profit is always good. 🙂

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