Wild morning. I’ll be out all next week (Sturgis baby!!) so taking everything out to at least the 11th.

SPX hedge:

Almost a double in a day.

Sold to Close SPX Sep 19 2025 6000/5950 Bear Put Spreads @ 8.10 (bought for 4.30)

SPX Put sales against LEAPS:

Since I left two LEAPS uncovered going out to Aug monthly and down by the 200 day.

Sold SPX Aug 15 2025 5800.0 Put @ 10.30
Sold SPX Aug 15 2025 5900.0 Put @ 20.00

Rolling the rest and adjusting to same strike.

Rolled SPX Aug 01 2025 6350.0 Puts to Aug 11 2025 6350.0 Puts @ 15.00 credit (61.90 total now)
Rolled SPX Aug 01 2025 6360.0 Puts to Aug 11 2025 6350.0 Puts @ 4.00 credit (52.20 total now)

Rolled SPX Aug 01 2025 6410.0 Put to Sep 19 2025 6375.0 Put @ 14.00 credit (49.50 total now)

SPY:

Here we go again. Out to the 200 day and lower.

Sold SPY Sep 19 2025 580.0 Put @ 5.12
Sold SPY Sep 19 2025 590.0 Put @ 6.42

Forgot I didn’t have these for margin reduction:

Bought to Open SPY Sep 19 2025 300.0 Puts @ .11

Down to the wire today.

Rolled SPX Jul 31 2025 6350.0 Puts to Aug 01 2025 6350.0 Puts @ 18.00 credit (46.90 total now)
Rolled SPX Jul 31 2025 6360.0 Puts to Aug 01 2025 6360.0 Puts @ 17.00 credit (48.20 total now)

Just throwing this out there for a little extra kicker if we get a little selloff. Also lets me get slightly more aggressive on daily put sales.

Bought SPX Sep 19 2025 6000/5950 Bear Put Spreads @ 4.30

Rolling on the bounce. Holding the rest for now.

Rolled SPX Jul 31 2025 6425.0 Put to Aug 01 2025 6410.0 Put @ 2.50 credit (35.50 total now)

More high IV tomorrow.

Rolled SPX Jul 30 2025 6350.0 Puts to Jul 31 2025 6350.0 Puts @ 17.00 credit (28.90 total now)
Rolled SPX Jul 30 2025 6360.0 Puts to Jul 31 2025 6360.0 Puts @ 15.50 credit (31.20 total now)

Rolled SPX Jul 30 2025 6425.0 Put to Jul 31 2025 6425.0 Put @ 2.00 credit (33.0 total now)

Recording most of these as rolls since I’m splitting some positions up and selling one in the money. Really a perfect day. Market down slightly but still above all my short strikes with increasing IV tomorrow.

Bought to Close SPX Jul 29 2025 6350.0 Put @ .20 (sold for 3.40)

Rolled SPX Jul 29 2025 6350.0 Puts to Jul 30 2025 6350.0 Puts @ 8.50 credit (11.90 total now)
Rolled SPX Jul 29 2025 6360.0 Puts to Jul 30 2025 6360.0 Puts @ 11.25 credit (15.70 total now)

This might put a lid on some of this nonsense. 🙂 🙂

Sold SPX Jul 30 2025 6425.0 Put @ 31.00 (sold too early!)

Finally a few minutes to catch up on things.

Once in awhile I’ll play a game called “Close All SPX…what if?” 🙂 🙂 I’ll use mid prices from TOS since they are the most accurate and calculate where this big experiment stands if I were to shut it down right now. With the big rally I’m definitely wondering where I stand since I’m holding LEAP short positions and selling daily puts against them.

Started this in Feb 2024 with one position and have gradually added size up to almost my full position. Goal is 10 total and sitting at 8 now but only selling against 6. Keeping 2 uncovered for downside hedging. Learned my lesson on that in April. Was about to uncover a couple of them but got caught in the selloff before I could. Was stuck for a few months again with no put selling and just waiting.

Here goes the quick summary in SPX points:

Losses on LEAPS: 348.85
Total premium received: 1973.25
Net gain: 1624.40

That’s 82 cents on each dollar becoming profit. Better than the 75 cents I was hoping for.

Lessons learned (so far)

1. Crazy up market not helping but great profits still possible.
2. A flat unchanged day profits go straight to the bottom line (yay!)
3. Not leaving a couple LEAPS uncovered was a big mistake. Could have really taken advantage of the giant VIX spike if I had any puts to sell.
4. Leaving a couple uncovered and giving up short term gains would be well worth it.
5. Continue monitoring margin requirements watching the distance between the put sold and the long LEAP put it’s sold against. Don’t be afraid to roll up the LEAPS if this gap becomes too wide.
6. Once I reach max position size the sky’s the limit.

I still look at this like owning rental property. Not all rent income is profit. You sometimes have to do some maintenance (roll up LEAPS) and sometimes you will have vacant units that bring nothing in temporarily (massive selloff with SPX backwardation). But overall everything turns a nice profit over time.

Premiums get a little juicier Wed Thu Fri. Just taking what I can get tomorrow.

Bought to Close SPX Jul 28 2025 6310.0 Puts @ .30 (sold for 6.30)
Bought to Close SPX Jul 28 2025 6330.0 Puts @ .45 (sold for 9.00)

Sold SPX Jul 29 2025 6350.0 Puts @ 3.40
Sold SPX Jul 29 2025 6360.0 Puts @ 4.45

Out tomorrow so going out to Monday.

Bought to Close SPX Jul 24 2025 6300.0 Puts @ .30 (sold for 3.50)
Bought to Close SPX Jul 24 2025 6325.0 Puts @ .50 (sold for 7.20)

Sold SPX Jul 28 2025 6310.0 Puts @ 6.30
Sold SPX Jul 28 2025 6330.0 Puts @ 9.00

Bought to Close SPX Jul 23 2025 6280.0 Puts @ .15 (sold for 4.80)

Sold SPX Jul 24 2025 6300.0 Puts @ 3.50
Sold SPX Jul 24 2025 6325.0 Puts @ 7.20

Rolled some 2028 5800/5800/6200 LEAPS to 2029 6100/6100/6500

Debit roll but doesn’t change current P/L and reduces margin. Continue selling against them.

EDIT: Added a Dec 2029 6300/6300/6700 in another account.

Bought to Close TLT Jul 25 2025 87.5 Calls @ .02 (sold for .45)
Bought to Close TLT Jul 25 2025 88.0 Calls @ .01 (sold for .42)

Sold TLT Aug 15 2025 87.5 Calls @ .58
Sold TLT Aug 15 2025 88.0 Calls @ .46

Rolled TLT Jul 25 2025 87.0 Puts to Aug 15 2025 87.0 Puts @ .80 credit (1.65 total now)

Sold TLT Aug 15 86.5 Puts @ 1.49
Sold TLT Aug 15 86.0 Puts @ 1.22

Taking it a few weeks early.

Bought to Close SPY Aug 15 2025 580.0 Put @ .98 (sold for 3.41)

Back from the trout streams. LOL

Bought to Close SPX Jul 22 2025 6275.0 Puts @ .20 (sold for 37.35, 39.10, and 40.40)

Sold SPX Jul 23 2025 6280.0 Puts @ 4.80

Been a crazy run. Currently only 25 points above the July 3rd gap up close.

Roll up for additional premium.

Rolled SPX Jul 22 2025 6225.0 Puts to Jul 22 2025 6275.0 Puts @ 2.00 credit (37.40 total now)
Rolled SPX Jul 22 2025 6235.0 Puts to Jul 22 2025 6275.0 Puts @ 1.80 credit (40.45 total now)

Gonna be out thru next Monday so rolling to next Tuesday.

Bought to Close SPX Jul 16 2025 6235.0 Put @ 2.30 (sold for 10.15)

Rolled SPX Jul 16 2025 6235.0 Puts to Jul 22 2025 6225.0 Puts @ 25.25 credit (35.40 total now)
Rolled SPX Jul 16 2025 6235.0 Puts to Jul 22 2025 6235.0 Puts @ 28.50 credit (38.65 total now)

Rolled SPX Jul 16 2025 6275.0 Put to Jul 22 2025 6275.0 Put @ 24.00 credit (39.10 total now)

Early roll today.

Rolled SPX Jul 15 2025 6225.0 Puts to Jul 16 2025 6235.0 Puts @ 5.25 credit (10.15 total now)

And…let’s give Mr. Market something to watch.

Sold SPX Jul 15 2025 6275.0 Put @ 15.10 (Right where we were on July 3rd) 🙂 🙂

Out on the road so a quick stop to take care of these. Another round.

Bought to Close SPX Jul 14 2025 6225.0 Puts @ .15 (sold for 5.10)
Bought to Close SPX Jul 14 2025 6230.0 Puts @ .15 (sold for 5.70)

Sold SPX Jul 15 2025 6225.0 Puts @ 4.90

Another round.

Bought to Close SPX Jul 11 2025 6225.0 Puts @ .10 (sold for 3.50)
Bought to Close SPX Jul 11 2025 6250.0 Puts @ .45 (sold for 7.45)

Sold SPX Jul 14 2025 6225.0 Puts @ 5.10
Sold SPX Jul 14 2025 6230.0 Puts @ 5.70

Rolled SPX Jul 14 2025 6200 Put to Jul 14 2025 6225 Put @ 2.50 credit (10.50 total now)

Sold a little at 2.58 last night. Holding the rest for a run to 100. 🙂 🙂 🙂

Adding.

Sold TLT Jul 25 2025 87.0 Puts @ .88
Sold TLT Jul 25 2025 88.0 Calls @ .42

Another round. SPX almost unchanged for the week. 🙂 🙂

Bought to Close SPX Jul 10 2025 6200.0 Puts @ .25 (sold for 11.45)
Bought to Close SPX Jul 10 2025 6200.0 Put @ .25 (sold for 22.10)
Bought to Close SPX Jul 10 2025 6225.0 Puts @ .45 (sold for 6.00)

Sold SPX Jul 11 2025 6225.0 Puts @ 3.50
Sold SPX Jul 11 2025 6250.0 Puts @ 7.50

Sold SPX Jul 14 2025 6200.0 Put @ 8.00

Sold SPX Jul 10 2025 6225.0 Puts @ 6.00

Sold those way too soon so had to adjust everything else accordingly:

Bought to Close SPX Jul 09 2025 6175.0 Puts @ .65 (sold for 4.00)

Rolled SPX Jul 09 2025 6200.0 Puts to Jul 10 2025 6200.0 Puts @ 5.00 credit (11.45 total now)
Rolled SPX Jul 09 2025 6225.0 Put to Jul 10 2025 6200.0 Put @ 1.10 credit (22.10 total now)

Still leaving a couple uncovered for downside help.

Setting everything up in the last expiration before the next Fed meeting.

Bought to Close TLT Jul 11 2025 87.0 Calls @ .14 (sold for 1.42)
Bought to Close TLT Jul 18 2025 89.0 Calls @ .07 (sold for .54)

Sold TLT Jul 25 2025 87.5 Calls @ .45

Rolled TLT Jul 11 2025 87.5 Puts to Jul 25 2025 88.0 Puts @ .63 credit (1.45 total now)
Rolled TLT Jul 18 2025 87.0 Puts to Jul 25 2025 87.5 Puts @ .47 credit (1.25 total now)

Not much going on today so tried legging and rolling with the small swings. Selling all the same strikes tomorrow. That’s what we like! 🙂 🙂 Leaving two positions uncovered.

Bought to Close SPX Jul 08 2025 6175.0 Puts @ .20 (sold for 8.10)
Bought to Close SPX Jul 08 2025 6200.0 Puts @ .45 (sold for 14.00)

Sold SPX Jul 09 2025 6175.0 Puts @ 4.00
Sold SPX Jul 09 2025 6200.0 Puts @ 6.45

Rolled SPX Jul 08 2025 6225.0 Put to Jul 09 2025 6225.0 Put @ 12.00 credit (21.00 total now)

Taking about 75 percent in a day on the straggler:

Bought to Close SPX Jul 11 2025 6050.0 Put @ 1.50 (sold for 5.50)

Starter outside the expected move and down at the 200 day.

Sold SPY Aug 15 2025 580.0 Put @ 3.41

Leaving a couple shorts uncovered for now. Adjusting the rest.

Bought to Close SPX Jul 07 2025 6175.0 Puts @ .90 (sold for 3.60)

Rolled SPX Jul 07 2025 6175.0 Puts to Jul 08 2025 6175.0 Puts @ 4.50 credit (8.10 total now)
Rolled SPX Jul 07 2025 6200.0 Puts to Jul 08 2025 6200.0 Puts @ 7.50 credit (14.00 total now)

EDIT: Selling one at 2x the expected move for Friday. Brings in a little cash but still helps to the downside overall.

Sold SPX Jul 11 2025 6050.0 Put @ 5.50

Throwing one out there to give Mr. Market something to look at. Letting today’s decay a little more.

Sold SPX Jul 08 2025 6225.0 Put @ 9.00

Another round.

Bought to Close SPX Jul 03 2025 6130.0 Put @ .10 (sold for 21.50)
Bought to Close SPX Jul 03 2025 6140.0 Puts @ .10 (sold for 2.45)
Bought to Close SPX Jul 03 2025 6150.0 Puts @ .15 (sold for 3.30)

Sold SPX Jul 07 2025 6175.0 Puts @ 3.60
Sold SPX Jul 07 2025 6200.0 Puts @ 6.50

It’s been awhile but now back to full strength. From now on I’ll leave a couple of the LEAPS shorts uncovered and sell against the rest. I was setting up to do that back in April when we tanked so didn’t get a chance to really take advantage of the drop. (although SPY was very very good to me) 🙂 🙂

Closing July for decent profits and resuming daily sales that will bring in more premium overall.

Bought to Close SPX Jul 18 2025 6060.0 Puts @ 23.20 (sold for 29.30)
Bought to Close SPX Jul 18 2025 6100.0 Puts @ 29.70 (sold for 37.30)

Sold SPX Jul 03 2025 6140.0 Puts @ 2.45
Sold SPX Jul 03 2025 6150.0 Puts @ 3.30

Holding a 6130 for tomorrow @ 21.50 credit also.

Jumping back in.

Sold TLT Jul 11 2025 87.5 Puts @ .81
Sold TLT Jul 18 2025 87.0 Puts @ .79

Taking gains a couple weeks early.

Bought to Close TLT Jul 18 2025 85.0 Puts @ .15 (sold for .81)
Bought to Close TLT Jul 18 2025 86.0 Puts @ .29 (sold for 1.25)
Bought to Close TLT Jul 18 2025 87.0 Puts @ .54 (sold for 1.75)
Bought to Close TLT Jul 18 2025 88.0 Put @ .94 (sold for 2.40)

Roll up to the expected move.

Rolled SPX Jul 03 2025 6100.0 Put to Jul 03 2025 6130.0 Put @ 3.25 credit (21.50 total now)

Rolling 25 percent of the position. Here ya go Mr. Market!

Rolled SPX Jul 18 2025 6060.0 Puts to Jul 18 2025 6100.0 Puts @ 8.00 credit (37.30 total now)

Just rolling one to give Mr. Market something to think about.

Rolled SPX Jul 03 2025 6060.0 Put to Jul 03 2025 6100.0 Put @ 5.75 credit (18.30 total now)

Take the quickie.

Bought to Close SPY Jul 03 2025 595.0 Puts @ .26 (sold for 1.50)

Rolling up the rest of July position:

Rolled SPX Jul 18 2025 6050.0 Puts to Jul 18 2025 6060.0 Puts @ 2.40 credit (29.10 total now)

Bought to Close Jun 26 2025 6050.0 Put @ .05 (sold for 4.90)

Sold SPX Jul 03 2025 6060.0 Put @ 12.55

Sold SPY Jul 03 2025 595.0 Puts @ 1.50

Bought to Close SPX Jun 24 2025 6000.0 Put @ .40 (sold for 10.30)

Sold Jun 26 2025 6050.0 Put @ 4.90

And rolling up about half the position:

Rolled SPX Jul 18 2025 6050.0 Puts to Jul 18 2025 6060.0 Puts @ 2.95 credit (29.65 total now)

Taking gains.

Bought to Close SPY Jun 27 2025 580.0 Puts @ .20 (sold for 1.65)

Bought to Close SPY Jul 18 2025 555.0 Put @ 1.17 (sold for 3.30)
Bought to Close SPY Jul 18 2025 560.0 Put @ 1.39 (sold for 4.00)
Bought to Close SPY Jul 18 2025 565.0 Put @ 1.66 (sold for 3.28)

Rolling to tomorrow’s expected move.

Rolled SPX Jun 24 2025 5940.0 Put to Jun 25 2025 6000.0 Put @ 5.00 credit (10.30 total now)

Bought to Close SPX Jun 23 2025 5925.0 Put @ .30 (sold for 26.25)

Sold SPX Jun 24 2025 5940.0 Put @ 5.30

Forgot I had this order in. Filled on the sudden dip.

Whiz trade out to July for a little hedge. Bearish double vertical.

Bought to Close SPX Jul 18 2025 6200/6210 Bear Call Spreads
Sold to Close SPX Jul 18 2025 5725/5700 Bear Put Spreads

Net credit 2.00 (bought for .83 avg.)

Rolled SPX Jun 20 2025 5925.0 Put to Jun 23 2025 5925.0 Put @ 13.00 credit (26.25 total now)

Bought to Close TLT Jun 20 2025 86.0 Calls @ .35 (sold for 1.10)
Bought to Close TLT Jun 20 2025 86.5 Calls @ .06 (sold for 1.05)

Sold TLT Jun 27 2025 86.5 Calls @ .59

Bought to Close SPY Jun 20 2025 585.0 Puts @ .05 (sold for 1.70)

Sold SPY Jun 27 2025 580.0 Puts @ 1.65

SPX sitting on unchanged for the week. 🙂 🙂 🙂

July re-load.

Sold TLT Jul 18 2025 85.0 Puts @ .81
Sold TLT Jul 18 2025 86.0 Puts @ 1.25
Sold TLT Jul 18 2025 87.0 Puts @ 1.75

Nice move today and anything can happen tomorrow so taking the rest off.

Bought to Close TLT Jun 20 2025 86.0 Puts @ .26 (sold for 1.70)
Bought to Close TLT Jun 20 2025 87.0 Puts @ .75 (sold for 2.65)
Bought to Close TLT Jun 20 2025 88.0 Put @ 1.53 (sold for 2.59)

A few.

Sold SPY Jun 20 2025 585.0 Puts @ 1.70

Sold SPY Jul 18 2025 555.0 Put @ 3.30

Bought to Close SPX Jun 17 2025 5925.0 Put @ .25 (sold for 14.40)

And to make sure I collect all of Juneteenth theta going out to Friday at the expected move.

Sold SPX Jun 20 2025 5925.0 Put @ 13.25

Bought to Close TLT Jun 20 2025 85.0 Puts @ .10 (sold for 1.25)

Sold TLT stock @ 86.18 (early assigned at 85.60)

Taking 85 percent a few days early.

Bought to Close SPY Jun 20 2025 575.0 Puts @ .33 (sold for 2.15)

Sold SPY Jul 18 2025 560.0 Put @ 4.00

Rolled TLT Jun 13 2025 86.0 Calls to Jun 20 2025 86.5 Calls @ .10 credit (1.05 total now)

Sold to Close SPX Jul 18 2025 5700/5600 Bear Put Spreads @ 11.00 (bought for 8.00)

Added one more of these at better prices.

Whiz trade out to July for a little hedge. Bearish double vertical.

Sold SPX Jul 18 2025 6200/6210 BeCS
Bought SPX Jul 18 2025 5725/5700 BePS

Net credit .60

And:

Bought SPX Jul 18 2025 5700/5600 Bear Put Spreads @ 8.00

Starter at the 50 day and outside the expected move.

Sold SPY Jul 18 2025 565.0 Put @ 3.28

Roll to day before Fed announcement.

Rolled SPX Jun 13 2025 5925.0 Put to Jun 17 2025 5925.0 Put @ 4.40 credit (14.40 toal now)

Bought to Close SPX Jun 09 2025 5925.0 Put @ .05 (sold for 3.40)

Don’t want to chase this higher so going out to Friday near the expected move.

Sold SPX Jun 13 2025 5925.0 Put @ 10.00

Bought to Close SPX Jun 06 2025 5920.0 Put @ .15 (sold for 13.15)

Sold SPX Jun 09 2025 5925.0 Put @ 3.40

Just doing one here. All the rest are sitting out in July 6050 strike after a few rolls.

Rolled TLT Jun 06 2025 85.5 Calls to Jun 11 2025 85.5 Calls @ .40 credit (.92 total now)
Rolled TLT Jun 13 2025 88.0 Calls to Jun 13 2025 86.0 Calls @ .50 credit (.97 total now)

A move like this gotta take ’em for a one day trade.

Bought to Close SPY Jul 18 2025 560.0 Put @ 3.35 (sold for 4.85)
Bought to Close SPY Jul 18 2025 565.0 Put @ 3.89 (sold for 5.60)

Moving out to July. Down at the expected move and the 50 day.

Sold SPY Jul 18 2025 560.0 Put @ 4.85
Sold SPY Jul 18 2025 565.0 Put @ 5.60

Still outside the expected move and just above where we opened the week.

Rolled SPX Jun 06 2025 5875.0 Put to Jun 06 5920.0 Put @ 3.50 credit. (13.10 total now)

Small roll for extra premium. Still outside the expected move.

Rolled SPX Jun 06 2025 5850.0 Put to Jun 06 5875.0 Put @ 2.60 credit. (9.60 total now)

Just outside the expected move and at the 200 day.

Sold SPY Jun 20 2025 575.0 Puts @ 2.15

Sold SPX Jun 06 2025 5850.0 Put @ 7.00

Whiz trade out to July for a little hedge. Bearish double vertical.

Sold SPX Jul 18 2025 6200/6210 BeCS
Bought SPX Jul 18 2025 5725/5700 BePS

Net debit 1.50

Waiting on a dip to reload. Looking a lot lower and out to Friday for the high IV.

Bought to Close SPX Jun 03 2025 5830.0 Put @ .15 (sold for 5.70)

Taking all the gains for June. Bought some cheapos to sell against in July.

Bought to Close SPY Jun 04 2025 583.0 Puts @ .23 (sold for 1.60)

Bought to Close SPY Jun 20 2025 550.0 Put @ .92 (sold for 3.50)
Bought to Close SPY Jun 20 2025 555.0 Put @ 1.17 (sold for 3.25)
Bought to Close SPY Jun 20 2025 560.0 Put @ 1.48 (sold for 4.07)
Bought to Close SPY Jun 20 2025 565.0 Put @ 1.92 (sold for 4.25)
Bought to Close SPY Jun 20 2025 570.0 Put @ 2.45 (sold for 5.27)

Bought to Open SPY Jul 18 2025 350.0 Puts @ .12

Bought to Close SPX Jun 02 2025 5800.0 Put @ .45 (sold for 4.20)

Sold SPX Jun 03 2025 5830.0 Put @ 5.70

Bought to Close SPY May 30 2025 585.0 Puts @ .02 (sold for 1.78)

Sold SPY Jun 04 2025 583.0 Puts @ 1.60

Rolled TLT May 30 2025 86.0 Calls to Jun 13 2025 88.0 Calls @ .04 credit (.48 total now)

Sold SPY Jun 20 2025 570.0 Put @ 5.27

Went ahead and covered the SPX LEAP position I set yesterday. One and a half times the expected move.

Sold SPX Jun 02 2025 5800.0 Put @ 4.20

Late fills.

Added to LEAP SPX synthetic shorts. Not covering this one with a put sale. Hoping to get a couple uncovered eventually for the next big dip.

SPX Dec 2029 5900/5900/6300 Syn Short @ 374.05 debit

And:

Sold TLT Jun 20 2025 88.0 Put @ 2.59
Sold TLT Jun 20 2025 89.0 Put @ 3.40