SPY/XSP for 1/9/26

#FuzzyLEAPs
Rolled $SPY Jan 9th 689 put to Jan 12th 689 put, .70 credit
Holding off on rolling 691 since it’s close to ATM. Seeing if premium increases toward day’s end.

Closed another SPY LEAP spread: Jan 2028 685/685/725 for 31.50. Originally purchased on Dec 4th for 36.11.
Allowing associated Jan 9th 687 put to expire.
Lost 4.61 on LEAPs, gained 17.59 from daily put sales.
Profit on trade is 12.98

Opened my first $XSP spread:
Bought the Dec 2028 695/695/735 spread for 39.39.
Sold Jan 12th 691 put for .70

SPY rolls 1/8/26

#FuzzyLEAPs $SPY
Rolled Jan 8th 687 put to Jan 9th 687 put for 1.11
Rolled Jan 8th 689 put to Jan 9th 689 put for 1.10
Rolled Jan 8th 691 put to Jan 9th 691 put for 1.00

Bought to close 690 put for 1.66 (sold for 1.03 yesterday)
Sold to close Jan 2028 LEAPs spread 690/690/730 for 34.45. Bought this for 33.20 on Tuesday.
I closed this spread and its daily short with intention to migrate to $XSP. I made 1.25 on the LEAPs and .18 on 2 put sales.

SPY rolls 1/7/26

#FuzzyLEAPs $SPY rolls:
Rolled Jan 7th 689 put to Jan 8th 689 put for .53
Rolled Jan 7th 690 put to Jan 8th 690 put for .60
Rolled Jan 7th 686 put FIVE strikes higher to Jan 8th 691 put for 1.23

Still leaving one LEAP spread without a daily short, which I’ll probably add on a decent pull back. Also considering migrating this whole mess to $XSP to avoid assignment risk.

SPY rolls 1/6/26

#FuzzyLEAPs Rolling on the intraday swings

At the low of day, rolled $SPY Jan 6th 686 put to Jan 7th 686 put for .61 (10.25 so far)

As we spiked higher, rolled Jan 6th 689 put to Jan 7th 689 put for .69 (7.42 so far)

My 687 roll didn’t fill yet, so looking for another dip to get good premium. (15.87 so far)

SPY rolls 1/5/26

#FuzzyLEAPs Tried to wait for a dip to roll but never got it. As a result, I’m getting less than I could have had I rolled early. However, now I feel we are enough above 686 that I’m going to let today’s expire.

Sold $SPY Jan 6th 686 put for .66. Today’s 686 will expire, barring some last minute crash, in which case I will close it.

My other two expire tomorrow so I will let them ride since they are close enough to the money, 687 and 689.

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….

SPY action 1/2/26

#FuzzyLEAPs I was assigned 200 shares of $SPY from my Jan 2nd 687 puts. Oddly, I was NOT assigned from my deeper ITM 689 put. That may have been due to margin considerations.

Today I sold the stock for 686.75. Cost basis was 685.78, given the price of my roll trade on Wednesday.

Then:
Sold (1) Jan 5th 687 put for 2.40
Sold (1) Jan 5th 686 put for 1.74

Also:
Rolled Jan 2nd 689 put to Jan 6th 689 put, .90 credit (skipping a day to avoid assignment)

Pretty easy management of the assignment. Wish I had waited a bit to sell the puts because now they are over a dollar higher each.

SPY rolls 12/30/25

#FuzzyLEAPs Rolled $SPY Dec 30th 687 puts to Jan 2nd 687 puts for 1.22. (Two puts with total rolls of 13.57 and 7.44 respectively).

I am traveling rest of today and tomorrow, so rolled to Friday expiry. Doing the same with my 689 put.

SPY rolls 12/29/25

#FuzzyLEAPs Rolled $SPY Dec 29th 687 puts to Dec 30th 687 puts for .65.

Working on rolling the 689 put.

SPY rolls 12/26/25

#FuzzyLEAPs Rolled $SPY Dec 26th 688 put to Dec 29th 689 put for .70 (2.14 so far).

I have (2) 687 puts I will also be rolling.

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!

SPY rolls 12/24/25

#FuzzyLEAPs Rolled $SPY Dec 24th 688 put to Dec 26th 688 put for .62 (1.44 so far)

No pullback so put prices just screaming toward zero. I have 683 and 684 puts today that I can’t get meaningful premium to roll. I will probably allow to expire and roll up several strikes. Or skip sales for Friday’s expiry and start fresh then.

Spy rolls 12/23/25

#FuzzyLEAPs Rolled $SPY Dec 23rd 683 put to Dec 24th 683 put, .36 credit (4.84 so far)
Rolled Dec 23rd 682 put UP two strikes to Dec 24th 684 put, .85 credit (11.08 so far)

SPY roll 12/19/25

#FuzzyLEAPs Rolled $SPX Dec 22nd 683 put to Dec 23rd 683 put, .50 credit (4.48 so far). Now I have 682 and 683 ITM puts for the 23rd.

SPY roll 12/18/25

#FuzzyLEAPs Rolled $SPY Dec 19th 682 put to Dec 23rd 682 put, .97 credit (10.23 total). Leaving my Monday 683 put until tomorrow.

Frankly surprised that the option I rolled wasn’t assigned stock overnight. It has huge Open Interest, since it is a monthly, and we ended yesterday with it over 3 dollars ITM. I guess since there was still another day to expiry it survived, which is the reason I am rolling a day ahead while I am ITM.

SPY roll 12/17/25

#FuzzyLEAPs Rolled $SPY Dec 18th 684 put to Dec 22nd 683 put, 1.26 credit (3.98 total). This rolls tomorrow’s put until Monday, and one strike lower. For now I am leaving Friday’s 683 put to stand.

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.

SPY rolls 12/16/25

#FuzzyLEAPs Rolled $SPY Dec 16th 683 put to Dec 19th 682 put, 2.10 credit (9.28 so far). Rolled this a strike down but went all the way to Friday, which has a significant jump in premium from Thursday.

For my 684 put, rolled Dec 16th 684 to Dec 18th 684, .80 credit. Keeping this ITM at same level, rolling to Thursday.

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 roll

#FuzzyLEAPs Rolled $SPY Dec 15th 683 put to Dec 16th 683 put, 1.10 credit (7.18 so far)

My other put is the 684 already rolled until tomorrow, so I will wait until then unless we drop ITM today.

SPX XSP

Rolled SPX Dec 04 2025 6825.0 Put to Dec 05 2025 6825.0 Put @ 8.75 credit (16.15 total now)

Rolled XSP Dec 04 2025 682.0 Puts to Dec 05 2025 682.0 Puts @ .85 credit (1.57 total now)

#fuzzyleaps