#SPXcampaign Earlier today:
Sold to Open $SPX Aug 18th 2235/2260 call spreads for 1.25, with SPX at 2165.
Sold to Open $SPX Aug 18th 2160/2185 call spreads for 12.50, with SPX at 2164. This is another part of the roll from Friday’s stopped ATM spread.
Category Archives: SPX Campaign
Expiration @ Full Profit
$NUGT 200 Call
$NUGT 125 Put
$NUGT 60 Put
$OAS 11 Call (covered)
$UVXY 16 Call (covered)
$SWN 15 Call (Covered)
$ETP 37 put
$ETE 15 Put
$ETE 12.5 Put
$TSLA 170/180 BUPS
$CMG 385/395 BUPS
$AMZN 660/670 BUPS
$AMZN 690/700 BUPS
Closed Friday to Avoid Assignment
$GILD 80/90 BUPS @ 34% profit
$UA 35/40 BUPS @ 84% profit
$TSLA 230/220 BECS @ 54% profit
Buy/Writes Assigned
$DRII @25 Basis 22.1
$TWTR @17 Basis 16.03
$WDC @45 Basis 42.35
$CNX @15 Basis 14.22
$ALNY @55 Basis 59.5
$CY@10 Basis 9.5
Complete Loss
HELD ON TOOOOOO LONG!
$SPX 2125/2100 BECS
Wiped out most of a very good expiration. Please have stops
and abide by them. Repeat 1000X
Best of trading to all next week and thanks for the great support on this site.
SPX partial roll
#SPXcampaign I have been riding a few ATM and ITM call spreads, waiting for a pullback or to roll. I closed this one on Friday as I don’t want to get closer to expiration, when rolling becomes tougher to impossible. Sold only a third of the roll for now, waiting to see the moves next week to add more.
Bought to close $SPX July 27th 2150/2175 call spreads for 13.60. Sold as part of a condor roll for 4.40 on July 7th.
Sold to Open $SPX August 12th 2055/2080/2160/2185 condor for 13.95, as a partial roll.
SPX puts closed
#SPXcampaign Bought to close $SPX July 22nd 2100/2075 put spreads for .20. Sold for 1.50 on Wednesday.
SPX puts sold
#SPXcampaign Sold to Open $SPX July 20th 2135/2110 put spreads for 1.50, with SPX at 2156. Aggressive position expiring on Wednesday. I don’t think we will crash down today, but I am ready to roll these if things get worse.
SPX puts closed
#SPXcampaign Right after the bell, Bought to close $SPX July 29th 2035/2010 puts for .30. Sold as part of a condor-roll for 6.05 on June 30th.
SPX puts sold
#SPXcampaign Was trying to bottom pick the midday pullback, but got stuck chasing it back up instead. Sold to Open $SPX July 27th 2130/2105 put spreads for 2.60. This offsets an ATM call spread for this Wednesday expiry… margin free for the Reg T accounts.
SPX Upside Warning data
I have been compiling data on the #VIXindicator. I hope to present it to everyone in a webinar soon, but since we are in an Upside Warning now, I wanted to share some points of interest.
(An Upside Warning fires when the VIX closes below the Fib 78.6% retracement for three consecutive days)
1. 33 corrections since Nov 1999, as determined by the VIX Indicator’s downside signals. These corrections average 12.5% each. Smallest was 3% and largest was 53.7% (2008-9).
2. Of those corrections, an Upside Warning fired 28 of the 33 times.
3. In 27 out of 28 times, the SPX continued higher after the Warning.
4. The average SPX bottom to top recovery was 16.4%. The average rise AFTER the Warning was 6.40%. This means that the Upside Warning captured an average of 38.9% of each recovery.
5. The average amount of time between an Upside Warning and the next SPX high is 2.5 months.
For instance, in the recovery we are now in: SPX low was 1991 on June 27, high was 2169 on July 14. That is an 8.9% recovery. The Upside Warning fired Friday, July 8, when we closed at 2120.90. Since then, we topped out at 1.83% higher, which means the warning caught 21% of the move so far.
21% is below the 38.9% average, so more upside is definitely possible. But pullbacks can and do happen during Upside Warnings. A new spike in the VIX that triggers a Downside signal would end the Upside Warning.
In summary, when an Upside Warning fires it is almost guaranteed that more upside will come, and it could last several weeks.
SPX calls sold
#SPXcampaign Highest calls I have ever sold, but I’ve reduced my position size for now. I will use a 3.00 stop on this one.
Sold to Open $SPX Aug 12th 2235/2260 call spreads for 1.30
SPX….still on the fence about trading this regularly
I’ve been messing with SPX off and on for a year or so mainly with 60-90 day positions well out of the money. Making a little here and there but can’t decide if it’s worth the effort for the return I’m getting…especially with these seemingly impossible crazy moves we’ve gotten. Taking a step back for now…
Bought to Close SPX SEP 30 2016 2225/2250 Bear call spread @ 6.90 (sold for 2.25)
Bought to Close SPX OCT 31 2016 2250/2275 Bear call spread @ 6.30 (sold for 2.50)
Net loss on these 2 positions of 8.45. Only other position is twice as many Aug 31 1900/1775 put spreads where I’ve been rolling up the short side. Net credit on those is 4.30 at twice the size of the calls so bringing in 8.60. This was my intended stop point…when the call losses equaled the max possible put gains I would close. Risking a whipsaw here but could reload the calls if needed. I’d prefer the puts expire and walk away with a wash though…we’ll see!
SPX, a stop and a close
#SPXcampaign Bought to close $SPX Aug 5th 2165/2190 call spreads for 12.10. Sold for 1.45 on July 6th. (ouch)
Bought to close $SPX Aug 5th 1975/1950 put spreads for .30. Sold as part of condor-roll for 7.40 on July 1.
Hey, No Pressure
#SPXcampaign Having to close a few spreads to manage margin pressure and the sheer insanity of this move. As a group of traders I know are calling it, the B.S.C. market. A nocturnal blind flying mammal defecating in its lunacy.
Bought to close $SPX Aug 26th 2180/2200 call spreads for 9.35. Sold Tuesday for 7.30.
Bought to close $SPX Aug 12th 2200/2225 call spreads for 5.90. Sold for 1.75 on Monday.
Bought to close $SPX July 27th 2025/2000 put spreads for .30. Sold as part of a condor-roll for 4.40 on July 7th (don’t ask about the call side)
And if you’re feeling the pressure like me, sit back and watch the visual lyrics… https://www.youtube.com/watch?v=W9L0IUG8gKQ
SPX puts closed
#SPXcampaign In pre-market, Bought to close $SPX Aug 5th 1940/1915 put spreads for .20. Sold for 1.40 on July 5th.
SPX puts closed
#SPXcampaign Bought to close SPX July 27th 2000/1975 puts for .20. Sold as part of a condor-roll for 4.40 on July 7th.
Bought to close $SPX July 29th 1975/1950 puts for .20. Sold for 1.30 on July 1st.
SPX put roll sold
#SPXcampaign Sold to Open $SPX July 22nd 2100/2075 put spreads for 1.50, double-sized position. It seems funny to be selling a put spread at 2100, but there you have it. I think most likely direction over the rest of July is up, but a pullback could be in the cards. If any puts get in trouble it will mean wonderful things for my pressured call spreads.
SPX Puts sold
#SPXcampaign Sold to Open $SPX Aug 12th 2035/2010 put spreads for 1.30.
…And SPX Dailys are next
I have been joking for a couple years that we will someday have “Daily” options. No longer a joke…
SPX Call spread
STO Aug 26 2210/2220 for 2.15.
How high can she go? Anybody’s guess, but I’m thinking we will get some pullback to around the 2120 level of the breakout before then. Not selling puts yet as I like to wait for the pullback. Sure as I sell them now, I’ll be rolling them or taking losses at the pullback. So, trying to be patient.
SPX roll call sold
#SPXcampaign Sold to Open $SPX Aug 26th 2180/2200 call spreads for 7.30 as a roll. Crazy, i know, but is it crazier than this bull run? May be stopped out and rolled again if we get much above 2160.
VIX Upside Warning continues
As is the historical norm, more upside is expected after the VIX completes three consecutive closes below the 78.6% Fib line. That happened Friday, and today we’re looking at our 8th rally out of the last 10 days. How much farther we go is hard to tell… Upside Warning usually fires about midway between the bottom and top of the SPX run, but there are fewer examples to draw from when we are in all-time-high territory.
In other news, of course, we should open with a fifth consecutive day of all-time lows in UVXY and the third consecutive one in VXX.
SPX calls stopped
#SPXcampaign Last night before the close: Bought to close $SPX July 29th 2155/2180 call spreads for 7.50. Holding off on rolls until freight train slows. Also have one ITM call spread in August… since it is still a ways to expiry, rolling is still possible if no pullback comes within a week or so. Not ideal to roll ITM, of course, but I left this one behind as I focused on rolling more immediate expiries.
SPX stopped out
$SPXcampaign Buy to close Aug 5th 2180/2200 call spreads for $3.05 sold. Sold Jul 8 for 1.25, put side of this iron condor safe, for now, using Jeff’s play book on this one will roll later.
SPX calls sold
#SPXcampaign Sold to Open $SPX Aug 12th 2200/2225 cal spreads for 1.75, with SPX at 2136.
SPX calls stopped
#SPXcampaign Bought to close $SPX July 29th 2150/2175 call spreads for 8.00. Sold for 5.75 on May 24th. I will be selling rolls on this and others in the coming days.
SPX puts sold
#SPXcampaign Sold to Open $SPX Aug 12th 2010/1985 puts for 1.25, with SPX at 2138.
SPX chart updated… getting pretty…
SPX chart updated… getting pretty hairy on the upside.
Bistro VIX Indicator: Upside Warning fired
#VIXIndicator An UPSIDE WARNNG fired on Friday, with three consecutive closes below the Fib 78.6% retracement line (from the recent VIX low of April 20 to high of June 27th). Watch for more upside and new all-time highs in SPX before things slow down or reverse.
We are now also establishing new VIX lows by which to measure the next correction. Friday’s low was 13.19, with a close of 13.20.
Monday’s levels that would reverse course and fire new Downside signals are 16.50 (25% above the 2-day closing low), and 19.79 (50% above July 8th low).
SPX puts sold
#SPXcampaign Sold to Open $SPX July 29th 2075/2050 put spreads for 2.90. This adds to my rolling and also better balances my puts vs. calls ratio.
SPX calls stopped
#SPXcampaign Bought to close $SPX Aug 5th 2150/2175 call spreads for 8.50. Sold as part of iron condor for 7.40 on July 1. Since we breached 2130, I will be looking to close 2150/2175 spreads. Just this one for today.
SPX puts sold
#SPXcampaign Sold to Open $SPX Aug 5th 2020/1995 put spreads for 1.40. This is my second standard spread for the Aug 5th expiry. I am holding off on my second call spread for next week.
SPX partial roll
#SPXcampaign Sold to Open a handful of $SPX Aug 12th 2050/2025 put spreads for 2.75, as a partial roll of call spread stopped earlier. I tripled my position size, which is fine since I am heavier calls than puts. This covers a bit more than half of my cost to close the stopped calls; will add more rolls today and next week.
SPX puts closed
#SPXcampaign Bought to close $SPX July 22nd 1970/1945 put spreads for .20. Sold for 1.25 on Tuesday.
SPX calls crushed
#SPXcampaign Got crushed because no pullback would come. I am working on a roll, which will mostly be in puts; with Upside Warning firing today, I anticipate new all time highs next week. On whatever pullbacks we get, I will be aggressive at selling puts and exiting call spreads (but still also selling super high call spreads).
Bought to close $SPX July 29th 2125/2150 call spreads for 13.35. Sold as part of an iron condor for 2.40 on June 27th.
SPX closed July 1970/1945 BuCS…
SPX closed July 22 1970/1945 BuCS for .25, sold for 1.25 on July 5-I love this game!
SPX put spread adjustment
Rolled August 31st short 1825 puts up to 1900 for 2.55 credit. Might seem like a big roll but it’s only from delta .03 to delta .08. Still a 90.78 percent chance of expiring according to TOS. Accelerating theta should help protect these on anything other than a major selloff…maybe 🙂
Upside Warning probably coming…
Barring a reversal on day and a close lower, today will be the third consecutive day where the VIX will close below the Fib 78.6% retracement line (from the recent VIX low of April 20 to high of June 27th). This will trigger an Upside Warning. Since we are already close to both the recent SPX high and the all-time high, it’s hard to say how far and how strongly it can run. Of course, it could also be a head-fake. But for now, VIX is telling us the risk is more to the upside.
SPX Chart and VIX Indicator have been updated
I’ve been sticking to the #SPXcampaign roll rules, and as you can see by the number of arrows, things can get quite messy. As long as you can track it, the system can withstand a whipsaw market like we’re experiencing.
As for the VIX, today was the second consecutive day below the 78.6% retracement. It will depend on the market’s reaction to the job numbers Friday as to whether we’ll get an Upside warning or get some more pullback.
SPX roll sold
#SPXcampaign Sold to Open $SPX July 27th 2000/2025/2150/2175 iron condors for 4.40, 1.5x position size. This is a roll from the call spread stopped earlier. I used a Wednesday expiration since I already have too many spreads crowded on the July 29th expiry.
SPX calls stopped
#SPXcampaign Bought to Close $SPX 2110/2135 call spreads for 7.50. Sold as part of an iron-condor roll for 2.70 on June 27th. Working on a roll to a new iron condor now. This was one I tried to slip by without Stopping, but this market continues to threaten higher so using this pullback to close ahead of jobs number tomorrow.
SPX calls sold
#SPXcampaign Sold to Open $SPX Aug 5th 2165/2190 call spreads for 1.45, with SPX at 2082.
SPX same day puts closed
#SPXcampaign Bought to close $SPX July 6th 2065 puts for .20. Sold as part of the 2065/2050 put spread for 1.50 two hours ago.
SPX put spread
STO Jul 29 1980/1970 put spread for 0.90.
This completes an iron condor with my 2150/2140 call spread.
Total credit 2.10.
SPX iron condor
STO Aug 19 2185/2175/1890/1880 IC for 1.65
Looking to close at about 60% max profit.
SPX same day spread
#SPXcampaign Sold to open $SPX July 6th 2065/2050 put spreads for 1.50.
SPX puts sold
#SPXcampaign Sold to Open $SPX July 22nd 1970/1945 put spreads for 1.25, with SPX at 2082.
SPX calls closed
#SPXcampaign Bought to close $SPX July 14th 2165/2190 call spreads for .20. Sold as part of an iron condor roll for 2.45 on June 16th.
SPX call spreads
Closed the put side of these already…finally getting a chance to sell the call side since it looks like we might be near a top. Starter positions small…
Sold SPX SEP 30 2016 2225/2250 Bear call spreads @ 2.25
Sold SPX OCT 31 2016 2250/2275 Bear call spread @ 2.50
SPX BuPS Closed
BTC Jul 20 SPX 1930/1905 for $0.40 Sold for $3.10
Once in a while even a blind squirrel finds an acorn.
SPX puts sold, calls closed
#SPXcampaign
Sold to Open $SPX Aug 5th 1940/1910 put spreads for 1.40, with SPX at 2089.
Bought to close $SPX July 14th 2170/2195 call spreads for .20. Sold for 2.20 as a roll on June 13th.
$SPX call spread closed
With this drop today, closed $SPX Jul 8 2130/2140 for 0.30.
Sold last week for 1.00
From VIXCONTANGO.com
Key Market Levels
The market traveled more than 200 SPX points this week on the way down and back. Here are all the instances where the SPX has traveled 200 points or more in the span of 5 consecutive trading days.
These instances are Apr of 2000, Sep/Oct/Nov of 2008, Aug of 2011, Aug of 2015 and now Jun of 2016. All of these are associated with market stress – Tech Bubble Burst, Lehman, AAA downgrade, Sudden China Devaluation and now Brexit. In all of these instances, there is no comparable where the rally ended this close to the All-Time-High. In each prior instance, the bounce ended well below -5% from the ATH. This is what makes this week’s recovery stand alone in the pantheon of sudden reversals. You have never had reversal this quickly this fast this close near a top. Only April of 2000 is somewhat similar and after an extended flat-market in 2000, the market turned into the bear market of 2000-2003.
The market now has to push above the 2100-2135 resistance area in order for anybody to get convinced that this rally will last. Right now, we are back right smack in the resistance area. Whether we break through depends on the following incoming data over the next 2-3 weeks:
US Non-Manufacturing PMI (Service PMI)
FOMC Minutes on Wednesday
ADP/BLS Job Reports (180K expected)
Corporate earnings
For the SPX, at resistance there is only 2 trades from a technical standpoint:
Short SPX with a stop over the breakout level which is at 2135
Long SPX after a breakout over 2135
This is going to be an epic tug of war here over the next 2-3 weeks as this data is rolling in.
Seasonally, July is the strongest summer month, which is not really saying much as the average July SPY return is 0.5% or the 6th weakest month in a year with 12 months. More notably, the year’s worst months on average are ahead of us. So you can’t expect seasonal factors to favor the bulls or bears here and the price will be entirely determined by external factors. However, you should expect seasonal factors and low volume to favor the bears in August and September.
Resistance levels on the topside is the 2100-2135 area where rally petered out multiple times over the past 2 months and over the past 2 years.
Support area is at the 2080 level where the 10-50MAs are and after that 2020-2040 area where the 100-200MAs are.
Key Volatility Levels:
We already discussed the historic nature of the VIX drop this week. The VIX futures curve also went from a “Bear Market” formation to a “Rally” formation in the span of one week. Technically this is defined as Contango going from negative to positive (above 5%) with the jump being more than 10 basis points. Here are all the prior occurrences of this phenomenon:
There are 3 instances in 2007, one during the European Crisis in 2010, one at the start of 2013 (Fiscal Cliff Deal), one at the end (Government Shutdown), end of 2014 and July of 2015.
2007 instances were precursors to the historically high volatility regime of 2008, from 2010-2014 they were amazing buying opportunities for XIV, in 2015 the August crash of 2015 followed soon after and now Brexit.
So no verdict can be reached from a technical standpoint, but the verdict is pretty clear once you take into account qualitative factors. These volatility curve formation changes were great times to short volatility when the result was “market positive” such as the attainment of a deal during the Fiscal Cliff or the Government Shutdown. But shorting volatility was precisely the wrong trade during times where no such deal was present. Nobody really looks at Brexit as a market positive. Christine Lagarde of the IMF projected that the UK GDP loss will be anywhere between -1.5% and -4.5% by 2019 and the IMF routinely overestimates growth. In other words, this is the best case scenario. So buying the dip here in XIV may not be a wise thing.
XIV had a heck of a rally this week with a nearly 20% run, but remains -20% over the past month. VXX is -20% for the week and +2% over the past month. However, the drop this week was way too fast for my taste and rushing in to buy the dip in XIV right here is probably a very bad idea. This is the “picking up pennies in front a steamroller” period now. VATR and VVIX remain very high and in all prior instance where VVIX remained high, a higher volatility regime ensued in the not so distant future. August is still ahead of us and August stands alone from a seasonal perspective as the one really bad month for XIV.
Expiring
$SPX 2150/2140 BECS
$SPX 2195/2170 BECS
$SPX 1925/1950 BUPS
$SPX 1875/1900 BUPS
$UVXY 25 Calls (covered)
$UVXY 17 Calls (covered)
Closed Early
$SPX July 8 1800/1825 BUPS @ 86% profit
$SVXY July 15 67 Call @ 95% profit
Assigned
$WLL 9 Covered call
$NFLX 95 Covered call
$UVXY 9.5 Put (Will close out on Tuesday)
$UVXY 22 Put (Will close out on Tuesday)
Happy Fourth of July
Liberty is wonderful
Options Bistro is also very nice
Thanks to all
PS Jeff, Your SPX Campaign spreadsheet makes a nice modern art print!
#OptionsExpiration for July 1 Expiring:…
#OptionsExpiration for July 1
Expiring:
$DUST 07/01/2016 22 calls
$NUGT 07/01/2016 155 calls
$NUGT 07/01/2016 160 calls
$UVXY 07/01/2016 25 calls
$SPX 07/01/2016 1975/1950 put spreads
Happy 4th of July everyone! I can’t believe the year is half over.
SPX condor sold
#SPXcampaign Sold to Open July 29th 1975/1950 put spreads for 1.30, and 2170/2195 call spreads for 2.10… full iron condor for 3.40.
And we continue to rip higher. Whenever this market decides to pullback it will be a good day for me. Meantime, I’ll manage the pain.
SKEW index remains high; bonds and gold high. New lows in UVXY.
SPX roll sold
#SPXcampaign Sold to Open $SPX Aug 5th 1950/1975/2150/2175 iron condors for 7.40. This is a roll from July 14th spread that was stopped yesterday.
SPX Support and Resistance Levels.
SPX Retracement Support Values: 2074-72; 2055-58; 2045-47; 2030-2033.
SPX Resistance Values: 2100-2104; 2010-2112; 2115-2116; 2130-2134; 2144-2146.
SPX calls closed
#SPXcampaign In pre-market, Bought to close $SPX July 1st 2150 short calls for .05. Sold as the 2150/2175 call spread for 3.95 on May 25th. This was an oversized position sold as a roll (14 contracts). By closing the shorts and leaving the longs in place, this released $86K in margin for today! Portfolio margin can be your friend, but it can also throw your account out of whack if you are too heavy on one side of the market. This reflects my oversized short-market position with call spreads.
SPX calls closed
#SPXcampaign Bought to close $SPX July 6th 2160/2185 call spreads for .10. Sold as part of an iron condor for 2.30 on June 14th.
SPX calls Stopped and rolled
#SPXcampaign Bought to close July 22nd 2115/2140 call spreads for 8.70. Sold for 1.45 on Tuesday.
Sold to Open $SPX July 29th 2010/2035/2165/2190 iron condor for 6.05, 1.5x position size.
Also, Bought to close $SPX July 14th 2100/2125 call spreads for 10.50. Sold for 1.50 on Tuesday. Will wait to roll tomorrow or later.
There is no doubt I made a mistake on Friday and Monday by using #ReverseRoll and #CondorRoll strategies with stopped put spreads. I expected the down move to be at last a few days, not only two, followed by a 100-point rally by Thursday. The #SPXcampaign rules say to roll further out in the same direction, with only some consideration given to reverse or condor rolls. Had I rolled everything into puts, I’d be golden now. As it is, all of my put spreads have been closed and I am very pressured on the call side. Now, at this ridiculously extended level, I have no choice but to sell puts or condors as my margin will not allow more call spreads of sufficient size. There is little sense to be made of this market; all you can do is “roll” with it.
Are we there yet?
My kids used to ask that question all the time when traveling, so have to ask it now in relation to the market. Just wondering how much higher we go before a pullback. Looking at other metrics today shows larger inflows into consumer staples, utilities, and higher dividend payers…all defensive things. A flight to safety, maybe? We’ll see.
Any thoughts appreciated as I contemplate what to do with my SPX call spreads.
SPX puts closed
#SPXcampaign Bought to close $SPX July 29th 1775/1750 put spreads for .20. Sold for 1.30 last Friday.
Bought to close $SPX July 29th 1700/1675 put spreads for .10. Sold as part of an iron condor for 2.35 on Monday.
That clears me of all put spreads. Certainly did not expect such a massive and quick reversal. I am now nursing too many call spreads, but will keep rolling up until we get a pullback.
SPX expiration
#SPXcampaign Expired last night: $SPX July 29th 1950/1925 put spreads. Sold for 1.34 (avg price) last Friday.
SPX calls rolled
#SPXcampaign #Rolling Well it turned out to be a mistake doing a #ReverseRoll for stopped puts on Monday. Going farther out in time for this roll so I can be at a comfortable distance OTM.
Bought to close $SPX July 8th 2075/2100 call spreads for 9.60. Sold for 3.00 on Monday.
Sold to Open $SPX August 18th 2130/2155 call spreads for 6.35 (1.5x position size).
What are the SPX Campaign Rules?
A seen a few post where the term spx campaign rules was used. What are said rules? Can anyone share? Thanks in advance.
SKEW history
Below I’ve compiled a daily chart of the SKEW since 2013 to show how accurate it can be. Most peaks in the SKEW (above 140) are followed by corrections. We don’t always get a signal; the August 2015 crash was preceded by no SKEW peak. But when it does peak, a correction almost always follows. Slightly less reliable but still significant are signals below 120… we usually get a strong rally. 10/15/14 and 9/30/15 are good examples, with rallies beginning the very same day that brought us back to pre-correction highs.
SPX call spread sold
Sold another call spread: Aug 5 2150/2160 @ 1.15 when SPX at 2063
SPX calls sold
#SPXcampaign Sold to Open $SPX July 29th 2155/2180 call spreads for 1.40, with SPX at 2066.
Put spreads closed this morning
#spxcampaign
Bought to close July 14th 1850/1825 puts for .20. Sold June 16th as part of iron condor for 2.45.
Bought to close July 14th 1860/1835 puts for .20. Sold June 16th for 1.50.
Bought to close July 22nd 1800/1775 puts for .20. Sold Monday as part of iron condor for 2.70
#SPXcampaign SOLD 20 JUL 16…
#SPXcampaign SOLD 20 JUL 16 2130/2155 CALL @1.30 CBOE
SPX put spread closed
BTC SPX Jul 8 1950/1940 for 0.30.
Originally sold for 0.70.
Glad to get out at above 50% max profit a week early. I agree with Jeff, I have a bearish sentiment and glad to get this spread closed. I see no reason this market is going to push to a new high soon. What would be the catalyst?
SKEW hits all-time high
The SKEW index was created by CBOE in 2011 to help deal with risk of large down moves in SPX. It makes only one reading per day, and yesterday’s reding of 153.66 was the highest since they started publishing readings. (see more inf o on SKEW here: http://www.cboe.com/micro/skew/introduction.aspx)
Typically, reading above 135 are bearish, and readings below 120 are bullish.
SPX calls closed
#SPXcampaign Bought to close $SPX July 14th 2175/2200 calls for .10. Sold for 1.90 on June 13th.
SPX calls closed
#SPXcampaign Bought to close $SPX July 22nd 2180/2205 call spreads for .15. Sold for 1.35 on June 20th.
SPX calls sold
#SPXcampaign Sold to Open $SPX July 14th 2100/2125 call spreads for 1.50, with SPX at 2023. I am more comfortable being short calls than puts, even below the highs, because rolling will be easy if we continue to rally.
Based on prior experiences and…
Based on prior experiences and losses, I am very causious about selling any call spreads after this pullback. It can comeback very forcefully. Planning to sell Call Spread if I get a decent premium above all time high’s 2140.
Options Bistro 