fuzzballl 11:55 am on Friday, October 16, 2026

SPY

Back in again.

Sold SPY Nov 20 2026 705.0 Puts @ 4.05
Sold SPY Nov 20 2026 710.0 Puts @ 4.00
Sold SPY Nov 20 2026 715.0 Puts @ 4.00
Sold SPY Nov 20 2026 720.0 Puts @ 4.00
Sold SPY Nov 20 2026 725.0 Puts @ 4.50
Sold SPY Nov 20 2026 730.0 Puts @ 5.00

Jeff 1:35 pm on Friday, October 16, 2026

I’m noticing time decay on my LEAPs, even though they don’t expire until December 2028. For instance I bought my 770 LEAP spread on August 4th for 36.93 when XSP was at 773.55. Right now, XSP is at 765, and the sprerad is pricing at 32.20.

I had previously noticed this decay, but had not previously recorded how stark it actually is. I mean, it’s only over two months later and the market is 8 points lower, which should mean the spread would be in profit. Instead, it’s a chunky loss.

Could you look at similar price comparisons on SPX? I’m guessing you won’t see this, given that your LEAPS expire in 2030.