SPX Update

It’s been a couple months since I’ve done one of these. With SPX sitting where it was in late October and being near my highest short strikes it seemed like a good time. I’ll post actual numbers from both of my accounts. As I mentioned in my last update I felt 2025 was about as bad as it can get fighting an up market. If 2026 continues like it has so far just wide range sideways chop and high (ish) VIX it’s going to be a banner year!!

#FuzzyLEAPs

Biggest Position Account Summary:

Building positions:

4 added in Oct 2024
3 added in Feb 2025
1 added in May 2025
2 added in Aug 2025
2 added in Dec 2025
2 added in Feb 2026

Lots of various sized roll ups (23 total) eventually getting everything to 7000 strike in 2030 expiration.

Total Cost to this point:

879758

Total credit to close LEAPS (Fri prices):

816410

Loss on LEAPS:

-63348

Total premium received including outstanding short puts:

860899

===================

Total gain:

797551

===================

Smaller Position Account Summary:

Building positions:

1 added in Jul 2025
1 added in Aug 2025
1 added in Dec 2025

Lots of various sized roll ups (5 total) eventually getting everything to 7000 strike in 2029 expiration.

Total Cost to this point:

166078

Total credit to close LEAPS (Fri prices):

158580

Loss on LEAPS:

-7498

Total premium received including outstanding short puts:

148153

===================

Total gain:

140655

===================

Good luck everyone!!!

SPX

Daily:

Bought to Close SPX Feb 20 2026 6850.0 Put @ 1.00 (sold for 32.50)
Sold SPX Feb 23 2026 6850.0 Put @ 12.50

Ladder:

Bought to Close SPX Feb 20 2026 6800.0 Put @ .15 (sold for 78.75)
Sold SPX Feb 27 2026 6800.0 Put @ 29.00

SPX

Still sitting on a couple at lower strikes.

Rolled SPX Feb 20 2026 6900.0 Puts to Feb 23 2026 6890.0 Puts @ 9.00 credit (52.85 total now)
Rolled SPX Feb 20 2026 6910.0 Puts to Feb 23 2026 6900.0 Puts @ 7.00 credit (52.60 total now)

SPX

Rolled SPX Feb 19 2026 6850.0 Put to Feb 20 2026 6850.0 Put @ 20.00 credit (32.50 total now)

Going to start pulling some profits out of the ladder:

Bought to Close SPX Feb 19 2026 6850.0 Put @ 7.80 (sold for 82.50)

Sold SPX Feb 26 2026 6800.0 Put @ 50.30

SPX

Selling against new LEAP:

Sold SPX Feb 19 2026 6850.0 Put @ 12.50

Ladder roll:

Rolled SPX Feb 18 2026 6875.0 Put to Feb 25 2026 6850.0 Put @ 40.00 credit (65.15 total now)

SPX

Added 1 Dec 2030 7000/7000/7400 @ 585.00 debit

Waiting for some weakness to sell against it.

SPX

Mr. Market come and get ’em!

Sold SPX Mar 20 2026 7100.0/7105.0 Bear Call Spreads @ 1.50

AMZN Messing Around

Initial post on Feb 5th for an earnings play:

Sold AMZN FEB 20 2026 230.0/225.0 Bull Put Spreads @ 2.80

Stock tanked on the announcement and weak market.

Feb 13th early assigned on the 230 short puts. But left the 225 longs in place in case we continued down planning to close them at some point and apply the credit to the cost basis.

Feb 13th rolled 225 longs down to 215 to lock in gains.

Feb 17th rolled 215 longs down to 200 feeling this might be a bottom and with gamma increasing on the 200s near expiration still some decent downside protection…

On the bounce today:

Sold AMZN Mar 20th 215.0 Calls @ 2.90

Waiting for Friday now to see where the 200 longs end up.

Current basis on stock: 201.90

SPX

Rolling. Any roll down and any credit is a freebie! 🙂 🙂

Rolled SPX Feb 17 2026 6920.0 Puts to Feb 20 2026 6910.0 Puts @ 2.00 credit (47.60 total now)

Ladder:

Rolled SPX Feb 17 2026 6825.0 Put to Feb 24 2026 6775.0 Put @ 30.00 credit (96.80 total now)

SPY

Added on the initial dip.

Sold SPY Mar 20 2026 625.0 Put @ 4.00

SPX SPY

SPX:

Rolling highest strike out and down a week and the other one out to Tue and down a strike. Ladder rolling out and down for good credit.

Rolled SPX Feb 13 2026 6925.0 Puts to Feb 17 2026 6920.0 Puts @ 3.00 credit (45.60 total now)

Rolled SPX Feb 13 2026 6930.0 Puts to Feb 20 2026 6900.0 Puts @ 2.00 credit (43.85 total now)

Ladder:

Rolled SPX Feb 13 2026 6850.0 Put to Feb 23 2026 6800.0 Put @ 28.00 credit (105.10 total now)

SPY adding:

Sold SPY Mar 20 2026 630.0 Put @ 4.20

SPY

Added.

Sold SPY Mar 20 2026 635.0 Put @ 4.15
Sold SPY Mar 20 2026 645.0 Put @ 5.24

SPX

Rolled SPX Feb 12 2026 6925.0 Puts to Feb 13 2026 6925.0 Puts @ 13.50 credit (42.60 total now)
Rolled SPX Feb 12 2026 6930.0 Puts to Feb 13 2026 6930.0 Puts @ 13.45 credit (41.85 total now)

Ladder:

Rolled SPX Feb 12 2026 6850.0 Put to Feb 20 2026 6800.0 Put @ 32.75 credit (78.75 total now)

SPY

Starter (again) 🙂 🙂 :

Sold SPY Mar 20 2026 640.0 Put @ 4.30
Sold SPY Mar 20 2026 650.0 Put @ 5.42

Whiz Freebie Today (if you’re interested)

3 minutes to about 35 minutes is the main part. After that goes into the psychadelic stocks. Then after that more interesting stuff at about 40 minutes in. Some interesting AI info.

SPX

And the rest:

Rolled SPX Feb 11 2026 6925.0 Puts to Feb 12 2026 6925.0 Puts @ 12.00 credit (27.10 total now)
Rolled SPX Feb 11 2026 6930.0 Puts to Feb 12 2026 6930.0 Puts @ 12.50 credit (28.40 total now)

SPX

Ladder adjustments on the morning swoon. Sitting on the rest for now.

Rolled SPX Feb 11 2026 6850.0 Put to Feb 19 2026 6850.0 Put @ 32.00 credit (82.50 total now)

Rolled SPX Feb 12 2026 6825.0 Put to Feb 12 2026 6850.0 Put @ 4.00 credit (46.00 total now)
Rolled SPX Feb 13 2026 6800.0 Put to Feb 13 2026 6850.0 Put @ 8.25 credit (77.10 total now)
Rolled SPX Feb 17 2026 6800.0 Put to Feb 17 2026 6825.0 Put @ 4.50 credit (66.80 total now)

SPX

Rolled SPX Feb 10 2026 6925.0 Puts to Feb 11 2026 6925.0 Puts @ 8.60 credit (14.10 total now)
Rolled SPX Feb 10 2026 6930.0 Puts to Feb 11 2026 6930.0 Puts @ 9.50 credit (16.50 total now)

Shortening the ladder one rung:

Bought to Close SPX Feb 10 2026 6875.0 Put @ .50 (sold for 52.50)

Sold SPX Feb 11 2026 6930.0 Put @ 11.50

XSP update

Been running 5 contracts of Dec 2027 660/660/700 and one roll up to 680/680/720 since Nov 21st.

Booking everything for a gain of 90 points total. Reloading to Dec 2028 and only buying puts. The call spreads in a smaller account take up a lot of valuable buying power so leaving those out and buying just 10 puts. Selling 5 daily and laddering the rest starting about a week out.

EDIT: for full disclosure I had a 30 point loss initially in this account due to multiple early assignments on SPY. XSP has made that all back plus another 60 points just since Nov 21st. Fills have been fine with no issues.

SPX

After some rolls officially booking the gains today.

Bought to Close SPX Feb 09 2026 6910.0 Put @ .50 (sold for 25.00)
Bought to Close SPX Feb 09 2026 6910.0 Puts @ .50 (sold for 92.60)
Bought to Close SPX Feb 09 2026 6910.0 Puts @ .50 (sold for 97.90)

Sold SPX Feb 10 2026 6925.0 Puts @ 6.50
Sold SPX Feb 10 2026 6930.0 Puts @ 7.00

Keeping the ladder going:

Bought to Close SPX Feb 09 2026 6850.0 Put @ .15 (sold for 32.50)

Sold SPX Feb 18 2026 6875.0 Put @ 25.15

SPY

Taking about half six weeks early.

Bought to Close SPY Mar 20 2026 610.0 Put @ 1.46 (sold for 4.00)
Bought to Close SPY Mar 20 2026 620.0 Put @ 1.80 (sold for 4.33)
Bought to Close SPY Mar 20 2026 630.0 Put @ 2.25 (Sold for 4.25)
Bought to Close SPY Mar 20 2026 640.0 Put @ 2.85 (sold for 5.25)

SPX

Added 1 Dec 2030 7000/7000/7400 @ 562.00 debit

Sold SPX Feb 09 2026 6910.0 Put @ 25.00

SPX

Early roll today on the bounce.

Rolled SPX Feb 06 2026 6915.0 Puts to Feb 09 2026 6910.0 Puts @ 5.00 credit (92.55 total now)

Rolled SPX Feb 06 2026 6850.0 Put to Feb 17 2026 6800.0 Put @ 32.70 credit (62.30 total now)

AMZN

Just for fun.

Sold AMZN FEB 20 2026 230.0/225.0 Bull Put Spreads @ 2.80

SPX

Rolled SPX Feb 05 2026 6920.0 Puts to Feb 06 2026 6915.0 Puts @ .05 credit (87.55 total now)

Rolled SPX Feb 05 2026 6850.0 Put to Feb 13 2026 6800.0 Put @ 34.05 credit (68.85 total now)

SPY

Adding.

Sold SPY Mar 20 2026 620.0 Put @ 4.33

EDIT:

Filled on another while I was out.

Sold SPY Mar 20 2026 610.0 Put @ 4.00

SPX

Rolled SPX Feb 04 2026 6925.0 Puts to Feb 05 2026 6920.0 Puts @ 4.80 credit (87.50 total now)

Bought to Close SPX Feb 04 2026 6850.0 Put @ .05 (sold for 30.70)

Sold SPX Feb 12 2026 6825.0 Put @ 42.00

SPX

Out the rest of today and all day tomorrow. Rolled everything to Wed for decent credit. 🙂 🙂

SPX

Splitting up my daily sales to different strikes:

Rolled SPX Jan 30 2026 6925.0 Puts to Feb 02 2026 6900.0 Puts @ 10.00 credit (72.30 total now)
Rolled SPX Jan 30 2026 6925.0 Puts to Feb 02 2026 6925.0 Puts @ 20.00 credit (82.30 total now)

Part of the ladder:

Bought to Close SPX Jan 30 2026 6900.0 Put @ 1.00 (sold for 28.80)

Sold SPX Feb 09 2026 6850.0 Put @ 32.50

Rolling LEAPs out a year further:

Rolled Dec 2029 7000 long puts out to Dec 2030 7000 long puts
Rolled Dec 2029 7000/7400 BeCS to Dec 2030 7000/7400 BeCS

Net debit for the whole thing: 48.25 per position

SPY

Moving out to March. Selling just outside the expected move at the 200 day.

Sold SPY Mar 20 2026 630.0 Put @ 4.25
Sold SPY Mar 20 2026 640.0 Put @ 5.25

Rolled SPY Feb 20 2026 350.0 Puts to Mar 20 2026 350.0 Puts @ .10 debit (long puts)

SPX

Straight roll to tomorrow. Same exact numbers just dates changed. 🙂 🙂 🙂 SPX unchanged for the week:

Rolled SPX Jan 29 2026 6925.0 Puts to Jan 30 2026 6925.0 Puts @ 11.00 credit (62.30 total now)

Rolling up a couple of the ladder positions on the dip:

Rolled SPX Feb 04 2026 6825.0 Put to Feb 04 2026 6850.0 Put @ 4.00 credit (30.70 total now)
Rolled SPX Feb 05 2026 6825.0 Put to Feb 05 2026 6850.0 Put @ 4.75 credit (34.80 total now)

And adding:

Sold SPX Feb 06 2026 6850.0 Put @ 29.60

SPX

What a beautiful headline!! 🙂 🙂 🙂

spx boring

SPX

Straight roll to tomorrow.

Rolled SPX Jan 28 2026 6925.0 Puts to Jan 29 2026 6925.0 Puts @ 11.00 credit (51.45 total now)

Rolling up the ladder positions on the little dip.

Rolled SPX Jan 30 2026 6825.0 Put to Jan 30 2026 6900.0 Put @ 8.50 credit (28.80 total now)
Rolled SPX Feb 02 2026 6810.0 Put to Feb 02 2026 6875.0 Put @ 7.00 credit (28.50 total now)
Rolled SPX Feb 03 2026 6800.0 Put to Feb 03 2026 6850.0 Put @ 5.50 credit (28.50 total now)
Rolled SPX Feb 04 2026 6775.0 Put to Feb 04 2026 6825.0 Put @ 4.50 credit (26.70 total now)
Rolled SPX Feb 05 2026 6770.0 Put to Feb 05 2026 6825.0 Put @ 5.75 credit (30.05 total now)

SPX

Adding one pre Fed.

Sold SPX Jan 29 2026 6925.0 Put @ 12.50

SPX

Out all day so an early roll. Moving everything this week to the same strike.

Rolled SPX Jan 27 2026 6920.0 Put to Jan 28 2026 6925.0 Put @ 7.50 credit (44.10 total now)
Rolled SPX Jan 27 2026 6925.0 Puts to Jan 28 2026 6925.0 Puts @ 7.00 credit (42.00 total now)
Rolled SPX Jan 27 2026 6925.0 Puts to Jan 28 2026 6925.0 Puts @ 7.00 credit (28.00 total now)

SPX

One more fill on a standing order I left in.

Rolled SPX Jan 26 2026 6900.0 Put to Jan 27 2026 6925.0 Put @ 10.00 credit (21.00 total now)

SPX

Out all day so an early roll. Still sitting on a 6900 in case of an afternoon pullback to roll it.

Rolled SPX Jan 26 2026 6920.0 Puts to Jan 27 2026 6920.0 Puts @ 7.00 credit (36.60 total now)
Rolled SPX Jan 26 2026 6925.0 Put to Jan 27 2026 6925.0 Put @ 7.00 credit (35.00 total now)

SPX

Whew! Crazy week. SPX almost unchanged.

12 total positions. Selling 5 every day and adding 5 with the ladder method and leaving 2 uncovered. I had been selling 8 and leaving 4 uncovered. Just experimenting to see how things react during the next selloff.

Bought to Close SPX Jan 23 2026 6825.0 Put @ .15 (sold for 30.00)
Bought to Close SPX Jan 23 2026 6825.0 Put @ .15 (sold for 31.00)
Bought to Close SPX Jan 23 2026 6825.0 Put @ .15 (sold for 42.20)
Bought to Close SPX Jan 23 2026 6850.0 Put @ .15 (sold for 52.50)
Bought to Close SPX Jan 23 2026 6875.0 Put @ .20 (sold for 63.00)

Sold SPX Jan 26 2026 6900.0 Put @ 11.00

Rolled SPX Jan 23 2026 6920.0 Puts to Jan 26 2026 6920.0 Puts @ 11.00 credit (29.60 total now)
Rolled SPX Jan 23 2026 6925.0 Put to Jan 26 2026 6925.0 Put @ 10.00 credit (28.00 total now)

Sold SPX Jan 30 2026 6825.0 Put @ 20.30
Sold SPX Feb 02 2026 6810.0 Put @ 21.50
Sold SPX Feb 03 2026 6800.0 Put @ 23.00
Sold SPX Feb 04 2026 6775.0 Put @ 22.20
Sold SPX Feb 05 2026 6770.0 Put @ 24.30

SPX SPY

Out most of the day so some early rolls.

Rolled SPX Jan 22 2026 6800.0 Put to Jan 23 2026 6825.0 Put @ 4.00 credit (31.00 total now)
Rolled SPX Jan 22 2026 6825.0 Put to Jan 23 2026 6825.0 Put @ 3.20 credit (42.20 total now)
Rolled SPX Jan 22 2026 6850.0 Put to Jan 23 2026 6850.0 Put @ 5.50 credit (52.50 total now)
Rolled SPX Jan 22 2026 6875.0 Put to Jan 23 2026 6875.0 Put @ 7.00 credit (63.00 total now)

Rolled SPX Jan 23 2026 6775.0 Put to Jan 23 2026 6825.0 Put @ 3.00 credit (30.00 total now)

Rolled SPX Jan 23 2026 6950.0 Puts to Jan 30 2026 6925.0 Puts @ 11.00 credit (66.15 total now)

Taking over half a month early:

Bought to Close SPX Feb 20 2026 6350.0 Put @ 14.60 (sold for 33.00)

SPY:

Taking about half a month early.

Bought to Close SPY Feb 20 2026 650.0 Put @ 2.48 (sold for 4.70)

SPX

6940 will be a fun number to watch. That would get us back to unchanged from last Friday’s close meaning all premium this week is free money!! White lines are Friday close and upper and lower expected moves for the week.

em spx

SPX

With Trump talking rolling everything on the opening bounce.

Rolled SPX Jan 21 2026 6825.0 Put to Jan 22 2026 6825.0 Put @ 11.00 credit (39.00 total now)
Rolled SPX Jan 21 2026 6850.0 Put to Jan 22 2026 6850.0 Put @ 9.00 credit (47.00 total now)
Rolled SPX Jan 21 2026 6875.0 Put to Jan 22 2026 6875.0 Put @ 6.00 credit (56.00 total now)

Rolled SPX Jan 21 2026 6920.0 Puts to Jan 23 2026 6920.0 Puts @ 2.00 credit. (18.60 total now)
Rolled SPX Jan 21 2026 6925.0 Put to Jan 23 2026 6925.0 Put @ 2.00 credit. (18.00 total now)

VIX

Expires tomorrow. Take what I can get today.

Sold to Close VIX Jan 21 2026 20/35 Bull Call Spreads @ .40 (sold for 1.29)

SPY

Starter just above the 200 day.

Sold SPY Feb 20 2026 650.0 Put @ 4.70

SPX

Out the rest of the day so rolling on this first little bounce.

Rolled SPX Jan 20 2026 6920.0 Puts to Jan 21 2026 6920.0 Puts @ 4.50 credit. (16.60 total now)
Rolled SPX Jan 20 2026 6925.0 Put to Jan 21 2026 6925.0 Put @ 4.00 credit. (16.00 total now)

Rolled SPX Jan 20 2026 6950.0 Puts to Jan 23 2026 6950.0 Puts @ 5.00 credit. (55.15 total now)

SPX

One of my all time lucky breaks. Fat finger last Thursday to a Friday AM roll. AMs expire by 10 points and buying power locked until today.

Pre-market:

Sold SPX Jan 21 2026 6875.0 Put @ 50.00
Sold SPX Jan 21 2026 6850.0 Put @ 38.00
Sold SPX Jan 21 2026 6825.0 Put @ 28.00

Sold SPX Jan 22 2026 6800.0 Put @ 27.00

Sold SPX Jan 23 2026 6775.0 Put @ 27.00

And at the 200 day:

Sold SPX Feb 20 2026 6350.0 Put @ 33.00

SPX

Rolling these aggressively since I never got my AM expiration buying power power back. Lesson learned (especially on a 3 day weekend) Uugh.

Rolled SPX Jan 16 2026 6950.0 Puts to Jan 20 2026 6950.0 Puts @ 14.00 credit. (50.00 total now)

Sold 7 against 15 LEAPS (would’ve sold 12 if I could). Why are there even AM expirations at all? I can’t think of a good use for them.

Expired max profit: SPX Jan 16 2026 6950.0 Puts (sold for 33.00)

SPX

One add.

Sold SPX Jan 20 2026 6925.0 Put @ 12.00

SPX

At the open:

Bought to Close SPX Jan 16 2026 6850.0 Put @ .35 (sold for 12.00)
Bought to Close SPX Jan 16 2026 6875.0 Put @ .70 (sold for 12.00)

Sold SPX Jan 20 2026 6920.0 Puts @ 12.10

Waiting for AM settlement now due to my fat finger yesterday. First time I’ve ever had an AM expiration so once SET gets published I’m hoping I can sell those again. SPX closed at 6944 yesterday but was up about 15 at the open so hoping all my 6950s go worthless shortly.

Takes 30-60 minutes after the open:

AM-settled SPX options (standard monthly expirations) are cash-settled on the third Friday morning, based on the “Special Opening Quotation” (SOQ) of the S&P 500, calculated from the opening prices of all constituent stocks, with the final value published under the ticker SET after all stocks have opened, resulting in cash profits or losses credited/debited to accounts the next day, not share delivery.

SPX

Finally got a little dip.

Fat fingered to AM expiration:

Rolled SPX Jan 15 2026 6940.0 Puts to Jan 16 2026 6950.0 Puts @ 6.00 credit. (33.00 total now)

Regular expiration:

Rolled SPX Jan 15 2026 6940.0 Puts to Jan 16 2026 6950.0 Puts @ 9.00 credit. (36.00 total now)

New carpet in the rental houses:

Rolled Dec 2029 6900 long puts up to Dec 2029 7000 long puts
Rolled Dec 2029 6900/7300 BeCS to Dec 2029 7000/7400 BeCS

Net debit for the whole thing: 32.60 per house

SPX

Added one more out to Friday. Filled just before the big bounce.

Sold SPX Jan 16 2026 6850.0 Put @ 12.00

SPX

Trying to bounce a little here. Take what I can get. Credit roll on a down day = free money!

Rolled SPX Jan 14 2026 6940.0 Puts to Jan 15 2026 6940.0 Puts @ 6.50 credit. (27.00 total now)

Where did the bounce start? 20 day moving average and the bottom of the weekly expected move.

bounce

SPX

Added one out to Friday.

Sold SPX Jan 16 2026 6875.0 Put @ 12.00

SPX

Straight roll on the opening dip. Same credit as yesterday.

Rolled SPX Jan 13 2026 6940.0 Puts to Jan 14 2026 6940.0 Puts @ 8.00 credit. (20.50 total now)

SPX

Out the rest of the day so an early roll. Good premium with some big banks reporting before the open. Might add one more put sale if there’s a decent afternoon drop.

Rolled SPX Jan 12 2026 6940.0 Puts to Jan 13 2026 6940.0 Puts @ 8.00 credit. (12.50 total now)

SPX

Bought to Close SPX Jan 9 2026 6925.0 Puts @ .15 (sold for 22.50)

Sold SPX Jan 12 2026 6940.0 Puts @ 4.50 (leaving one more uncovered)

SPX

Great premium tomorrow with the early morning data dump and possible tariff decision.

Rolled SPX Jan 8 2026 6925.0 Puts to Jan 9 2026 6925.0 Puts @ 12.00 credit (22.50 total now)

SPX

Rolled SPX Jan 7 2026 6925.0 Puts to Jan 8 2026 6925.0 Puts @ 4.60 credit (10.50 total now)

SPY

I’ll look to reload on any decent dips.

Bought to Close SPY Feb 20 2026 700.0 Puts @ 16.60 (sold for 18.70)

SPX

With 9 more trading days left on this one I think I can do better selling daily aggressively and being much less directional. Been rolling this one up and staying ITM since the gubment shutdown started. Booking it and reselling tomorrow.

Bought to Close SPX Jan 16 2026 7000.0 Put @ 96.70 (sold for 213.35)

Sold Jan 6 2026 6925.0 Put @ 18.70

SPX

Straight roll.

Rolled SPX Jan 5 2026 6900.0 Puts to Jan 6 2026 6900.0 Puts @ 6.90 credit (53.10 total now)

Some light maintenance on the rental houses.

Rolled Dec 2029 6800 long puts up to Dec 2029 6900 long puts
Rolled Dec 2029 6800/7200 BeCS to Dec 2029 6900/7300 BeCS

Net debit for the whole thing: 32.20 per house

SPX decisions (it’s good!)

#FuzzyLEAPs

With SPX basically unchanged from late October, I’ve had continuous premium coming in with little to no change in the LEAPS values. Love it!! With two more rolls next week all cash outlay for all positions will be recovered. And with the long LEAP puts sitting at 6800 things are setting up nicely.

But how can we make things even better and safer? After a long “Red Team” call with my brother @bikeeagle we came up with some ideas on what to do with excess cash that will hopefully be coming in (but you never know! 🙂 🙂 )

Some ideas:

1. Keep doing everything as is and just add to the LEAPS.

2. Roll up the LEAPS further and even into the money a little on the put side for margin reduction and more downside protection.

3. Buy back the bear call spread LEAPS. That would be nice margin reduction getting rid of those.

4. When adding going forward only buy the LEAP put. A little more expensive but no margin hit on the call side.

5. Go ahead and roll the current LEAPS positions out to 2030 now.

What I’m leaning towards as premium received allows:

2 and 3 together then 5 then 4.

It’ll take awhile but would make the setup absolutely perfect….

SPX

Straight roll.

Rolled SPX Jan 2 2026 6900.0 Puts to Jan 5 2026 6900.0 Puts @ 6.00 credit (46.20 total now)

SPX

Straight roll. 2026!!

Rolled SPX Dec 31 2025 6900.0 Puts to Jan 2 2026 6900.0 Puts @ 6.25 credit (40.20 total now)

EDIT: Doing similar rolls in XSP position.

SPX

Straight roll.

Rolled SPX Dec 30 2025 6900.0 Puts to Dec 31 2025 6900.0 Puts @ 9.00 credit (33.95 total now)

SPX

Straight roll.

Rolled SPX Dec 29 2025 6900.0 Puts to Dec 30 2025 6900.0 Puts @ 9.25 credit (24.95 total now)

SPX

Another short week low volatility week next week too.

Rolled SPX Dec 26 2025 6850.0 Puts to Dec 29 2025 6900.0 Puts @ 5.50 credit (15.70 total now)

SPX Summary

Seemed like a good time to sit down and see where everything stands with the market at all time highs. This is my main account. I’ve got 3 more positions in a different account that I’ve been building on as well with similar results. Here we go!

#FuzzyLEAPs

Building positions:

4 added in Oct 2024
3 added in Feb 2025
1 added in May 2025
2 added in Aug 2025
2 added in Dec 2025

Lots of various sized roll ups (20 total) eventually getting everything to 6800 strike

Total Cost to this point:

524.50 each
6294.0 total

Total credit to close LEAPS (Tue prices):

413.80 each
4965.6 total

Loss on LEAPS:

4965.6 – 6294.0 = 1328.40

Total premium received including outstanding short puts:

494.55 each
5934.60 total

===================

Total gain:

5934.60 – 1328.40 =

+ 4606.20
===================

Since these positions were started in mid Oct 2024 the SPX is up 20 percent so I feel like this is close to a “worse case scenario” in a big up market with all the constant rolling. Still managed to keep 73 cents per dollar of premium received. If we get back to a more typical market and starting with a much bigger position size I’m really looking forward to 2026.

Merry Christmas everyone!

SPX

This might slow things down. Almost rolled it to 8000 since I’ve seen that predicted a few times for 2026!

Rolled SPX Jan 16 2026 6900.0 Put to Jan 16 2026 7000.0 Put @ 42.00 credit (213.35 total now)

EDIT: Corrected date. The entire roll is in Jan 2026 expiration.

SPX

Rolled out to Friday.

Rolled SPX Dec 23 2025 6850.0 Puts to Dec 26 2025 6850.0 Puts @ 5.50 credit (10.20 total now)

Also:

Added Ramie’s SPX Feb Butterfly @ .30 debit

SPY

Taking about 40 percent 60 days early.

Bought to Close SPY Feb 20 2026 610.0 Put @ 2.15 (sold for 4.00)
Bought to Close SPY Feb 20 2026 615.0 Put @ 2.35 (sold for 4.00)
Bought to Close SPY Feb 20 2026 620.0 Put @ 2.60 (sold for 4.20)

SPX

Finally got ’em all back except for my Jan 6900 strike lid. 🙂 🙂 Reloading but leaving a few uncovered.

SPX:

Bought to Close SPX Dec 22 2025 6825.0 Puts @ .25 (sold for 101.90)
Bought to Close SPX Dec 22 2025 6825.0 Puts @ .25 (sold for 96.30)
Bought to Close SPX Dec 22 2025 6840.0 Puts @ .25 (sold for 15.70)
Bought to Close SPX Dec 22 2025 6850.0 Put @ .40 (sold for 14.20)

Sold SPX Dec 23 2025 6850.0 Puts @ 4.70

SPX SPY XSP

Had to be out this afternoon so had to roll earlier than I wanted to today.

SPX:

Rolled SPX Dec 19 2025 6830.0 Puts to Dec 22 2025 6825.0 Puts @ 5.50 credit (101.90 total now)
Rolled SPX Dec 19 2025 6830.0 Puts to Dec 22 2025 6825.0 Puts @ 5.40 credit (96.30 total now)
Rolled SPX Dec 19 2025 6845.0 Puts to Dec 22 2025 6840.0 Puts @ 3.00 credit (15.70 total now)
Rolled SPX Dec 19 2025 6855.0 Put to Dec 22 2025 6850.0 Put @ 1.50 credit (14.20 total now)

Leaving the lid on again:

Rolled SPX Dec 19 2025 6900.0 Put to Jan 16 2026 6900.0 Put @ 37.90 credit (171.35 total now)

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Bought to Close SPX Dec 19 2025 6850/6855 Bear Call Spreads @ .95 (sold for 1.77)

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SPY:

Had Dec 19 700/685 Bull Put Spreads @ 9.45

Sold to Close the 685s @ 6.55 and rolled the 700s to Feb monthly @ 2.70 credit

New net position:

SPY Feb 20 2026 700.0 Puts @ 18.70 credit

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XSP:

Bought to Close XSP Dec 19 2025 680.0 Puts @ .14 (sold for 3.05)

Sold XSP Dec 22 2025 680.0 Puts @ .89

SPX XSP

Gonna be busy next couple days so rolling out to Friday.

#FuzzyLEAPs

SPX:

Rolled SPX Dec 16 2025 6855.0 Puts to Dec 19 2025 6845.0 Puts @ 2.20 credit (12.70 total now)
Rolled SPX Dec 16 2025 6865.0 Put to Dec 19 2025 6855.0 Put @ .10 credit (12.70 total now)

XSP:

Rolled XSP Dec 16 2025 682.0 Puts to Dec 19 2025 680.0 Puts @ .95 credit (3.05 total now)

Friday will be interesting if we rally just a little bit before then. Short puts at 6830 (biggest position), 6845, 6855, 6900 and bear call spreads at 6850/6855.

SPX XSP

#FuzzyLEAPs

SPX:

Rolled SPX Dec 15 2025 6860.0 Puts to Dec 16 2025 6855.0 Puts @ 2.50 credit (10.50 total now)
Rolled SPX Dec 15 2025 6870.0 Put to Dec 16 2025 6865.0 Put @ 1.50 credit (12.60 total now)

XSP:

Rolled XSP Dec 15 2025 684.0 Puts to Dec 16 2025 682.0 Puts @ .10 credit (2.10 total now)

SPY

Rolled longs out to Feb and started a Feb ladder at the 200 day and outside the expected move.

Rolled SPY Jan 16 2026 350.0 Puts to Feb 20 2026 350.0 Puts @ .14 debit

Sold SPY Feb 20 2026 620.0 Put @ 4.20