#SPX0dte Sold to open $SPX July 17th 5630/5660-5665/5695 condors for 17.05, IV 12.67%, at 11:44p ET

Bought to open 5585/5605-5710/5730 condors for .95, delta -.05 +.04

#SPX0dte Sold to Open $SPX July 16th 5610/5640-5645/5675 condors for 17.40, IV 13.14%, at 11:12 p ET

Also buying: 5560/5580-5690/5710 for 1.00 or 1.05 (not filled yet), deltas -.05 +.05

#SPX0dte. Trying something new this week. Last night I sold the typical centered ATM condor for 16.25. But I also BOUGHT a 6-delta condor for 1.05.

My thinking is the long wide is hedge against the short narrow. This seems to be a solution to handling the wild swings we’ve been seeing.

If there is a strong move, it is likely that I would still be at a loss but a much smaller one. If there is a super strong move, some of which we have seen in recent days, it would be a 4 to 5 dollar winner at expiration, if left alone.

We did get a bullish move overnight and after open I stopped out the narrow for 18.25. Now I am watching my long calls on the wide (5670/5690) to take profits. Currently at 2.00, if I can get to 3.00 it will be breakeven for the day, profit if higher than that.

After watching today, it may have been best to stop out of the narrow before the open (could have done it for 17.00, only -.75 loss), and either let the long condor run or potentially add a new centered narrow after the open. But based on the upward action right now and the last few weeks, it has been a very directional intraday market and perhaps just buying long spreads is the only thing needed.

#SPX0dte Sold to Open $SPX July 12th 5515/5535-5635/5655 condors for .90, deltas -.05 +.05, IV 17.62%, at 8:38 ET.

A brief dip but back to centered from the PPI data release… we are flat from yesterday’s close. Two days of heavy moves followed by a quiet Friday? We shall see…

I got 100-point width even after the data release which is better than mornings have been for awhile.

#SPX0dte Sold to Open $SPX July 8th 5500/5520-5600/5620 condors for .80, deltas -.07 +.05, IV 12.61%, at 8:18am ET

Last Night: At 12:16am ET sold to Open $SPX 5525/5555-5560/5590 condors for 14.20. Of course, in this market it is being tested to the upside, currently around 15.00. Would like to close before the open and possibly place a new one ATM.

#SPX0dte Sold to Open $SPX July 5th 5505/5535-5540/5570 condors for 13.60, IV 15.76%

#SPX0dte Sold to Open $SPX July 3rd 5475/5505-5510/5540 condors for 10.05, IV 11.16%

Low premium due to a short day. Overnight action was in a pretty small range. May or may not close before 9:45/10:00 data release. Market closes at 1pm ET.

#SPX0dte I placed a trade last night around my usual time when I shouldn’t have. The move from the close to 9pm PT was downward, and I want to place this trade only if that move is mostly flat. But I had been encouraged by the resilience of the premium lately so I placed it anyway.

At 12:28am ET, sold to open $SPX July 2nd 5435/5465-5470/5500 condors for 15.478

The downward move continued and premium maxed at 18.75 at around 7:53am. We bounced enough and I just closed for 15.30, so breakeven after commissions. The resilience saved me but my condor is too off-center to risk going into Powell’s speech and JOLT release. I will consider possibilities after 10am.

#SPX0dte Sold to Open $SPX July 1st 5445/5475-5480/5510 condors for 16.05, IV 13.25%, at 12:26am

#SPX0dte Sold to Open $SPX Jun 27th 5445/5475-5480/5510 condors for 13.559, IV 15.23%, at 8:53 ET.

#SPX0dte Last night at 12:13am ET, sold to open $SPX Jun 25th 5425/5455-5460/5490 condors for 15.723. Didn’t get much decay overnight… price was 15.30 around 8am when structure was very close to centered ATM. But since then, it has dropped to 14.00. Considering when to exit.

This demonstrates how little decay there is overnight and that it really starts in earnest after 8am. Overnight risk may not be worth it, even if probability of stop-out is low.

#SPX0dte Sold to Open $SPX Jun 17th 5400/5430-5435/5465 condors for 13.70, IV 15.71%

#SPX0dte Sold to Open Jun 13th 5400/5430-5435/5465 condors for 16.15, IV 18.54, at 8:49 ET

#SPX0dte Sold to Open $SPX Jun 11th 5315/5345-5350/5380 condors for 14.15, IV 15.71%, at 8:26 ET

#SPX0dte Sold to Open $SPX 5275/5295-5380/5400 condors for 1.15, IV 17.17%, deltas -.07 +.07

#SPX0dte Sold to Open $SPX Jun 6th 5320/5350-5355/5385 condors for 14.55, IV 17.81%, at 8:46 ET

#SPX0dte Sold to Open $SPX Jun 4th 5230/5260-5265/5295 condors for 18.00, IV 21.75%, at 8:15 ET

#SPX0dte Sold to Open $SPX Jun 3rd 5265/5295-5300/5330 condors for 14.85, IV 17.26%, at 8:28 ET

#SPX0dte Sold to Open $SPX May 31st 5185/5205-5305/5325 condors for 1.20, IV 21.15%, deltas -.07 +.06

Taking lower risk route of wide 6-delta condor strategy this morning. May add tight condor if consolidation takes hold.

#SPX0dte Sold to Open $SPX 5220/5250-5255/5285 condors for 15.0o, IV 17.04%, at 8:51 ET

#SPX0dte Sold to Open $SPPX May 28th 5280/5310-5315/5345 condors for 12.05, IV 14.55%, at 8:28 ET

#SPX0dte Sold to Open $SPX May 24th 5210/5230-5320/5340 condors for 1.10, IV 18.04%, deltas -.07, +.07

Switching to a wide condor after yesterday’s move and economic data coming today.

#SPX0dte May 23rd 5315/5345-5350/5380 condors for 15.25, IV 18.77%, at 8:46 ET

#SPX0dte Sold to Open $SPX 5280/5310-5315/5345 condors for 12.85, IV 13.67%, at 8:24 ET

#SPX0dte Sold to Open $SPX May 21st 5275/5305-5310/5340 condors for 12.467, IV 13.70%, at 8:26 ET

#SPX0dte Sold to Open $SPX May 20th 5280/5310-5315/5345 condors for 11.10, IV 12.38%, at 8:28 ET

Probably the lowest IV and lowest premium I’ve sold on this trade before the open. Chain IV on SPX options this week is quite low, with a slight rise on Thursday.

#SPX0dte Sold to Open $SPX May 17th 5270/5300-5305/5335 condors for 14.15, IV 15.86%, at 8:27 ET

#SPX0dte Sold to Open $SPX May 16th 5280/5310-5315/5345 condors for 13.35, IV 15.36%, at 8:34 ET

#SPX0dte Sold to Open $SPX May 15th 5185/5205-5315/5335 condors for 1.20, IV 22.23%, deltas -.06 +.07

#SPX0dte Sold to Open $SPX May 13th 5145/5165-5265/5285 condors for 1.15, IV 20.62%, deltas -.06 +.06

I decided to hold second half of long May 13th 5260/5280 call spreads through the PPI report. That cost me as we dropped. It’s 5 points below by condor so I will try to sell at an early peak.

#SPX0dte Sold to Open $SPX May 13th 5200/5230-5235/5265 condors for 12.40, IV 14.29%.

#SPX0dte Sold to Open $SPX May 10th 5180/5200-5265/5285 condors for 1.35, IV 15.65%, deltas -.11, +.07

This is much more aggressive than usual. My thinking is we are pretty stretched to upside and that we’ll go higher but not THIS much past all-time highs today. But if we do, my long 5160/5180 call spread for May 14th will be making up for any stop loss for today. As for downside, I don’t see a dip happening today.

I will likely take profits on HALF of the long spread today, currently +4.50 in black. Sure enough, the May 10th spread that I took 1.10 in profit on yesterday is over 4.00 this morning.

#SPX0dte Sold to Open $SPX May 6th 5120/5150-5155/5185 condors for 14.40, IV 17.08%, at 8:27 ET

#SPX0dte Sold to Open $SPX May 3rd 5030/5050-5180/5200 condors for 1.20, IV 27.50%, deltas -.07 +.05

#SPX0dte Little movement since the open but chain IV has gone from 39% to 56%. Test condors, both wide and tight, have not changed much in value. I will consider trades after press conference starts but likely only take some low risk long shots.

#SPX0dte The “Employment Cost Index” report was listed with two bulls on the Econ calendar from Bloomberg that I use, so it wasn’t something I was expecting to move the market this much. Fortunately I have no trade going yet, and will likely wait until after the 10am Consumer Confidence report. The market continues to overreact to every piece of data that *may* affect the Fed’s decision on when to start cutting rates.

#SPX0dte Sold to Open $SPX Apr 29th 5080/5110-5115/5145 condors for 14.80, IV 18.84%, at 8:28 ET

Premium and width on 6-delta too meager, so for this day of lower IV I’m choosing the tight condor option. No major economic data scheduled and big events later in the week should mean a quieter Monday.

#SPX0dte Sold to Open $SPX Apr 26th 5000/5020-5135/5155 condors for 1.40, IV 27.55%, deltas -.08 +.06

#SPX0dte Sold to Open $SPX Apr 25th 4920/4940-5050/5070 for 1.45 at 9:41 ET, deltas were -.076 +.08, IV 27.09%

Before the GDP and jobs data released at 8:30, I modeled the 6-delta condor for 1.15 with a 120-pt center. Waiting for the open gave me about the same price, although I decided to push the deltas a bit higher for the premium and go for a 110 gap. Expected move is around 30 so stops are currently at 4970 and 5020.

#SPX0dte Sold to Open $SPX 5050/5080-5085/5115 condors for 16.235, IV 21.15%

Switching to 5-wide ATM strategy as 6-deltas have become to narrow again, and $VIX is calming. Going for 10%

#SPX0dte Sold to Open $SPX Apr 23rd 4940/4960-5070/5090 condors for 1.20, deltas -.06 +.06, IV 23.38%

#SPX0dte So major dip overnight due to Israel/Iran, but now futures are flat. Had I had a sell order in place I may have gotten a fill on my long put spread. Now we are rallying pretty strongly so I’m going to wait for the open to consider a condor.

#SPX0dte Sold to Open $SPX Apr 17th 4970/4990-5135/5155 condors for 1.35, IV 30.1%, deltas -.06 +.06

#SPX0dte Sold to Open $SPX 4955/4975-5140/5160 condors for 1.30, IV 34%, deltas -.05 +.07

#spx1dte

#SPX0dte Sold to Open $SPX 5075/5095-5215/5235 condors for 1.45, IV 26.46%, deltas -.07 +.07

Sticking with wide condors until IV gets lower. Tight condors with 10% exit are still a viable trade, just potentially tougher in high IV/high $VIX environment. If it drops and the swings subside I will resume them, or may add them later in day.

#SPX0dte Sold to Open $SPX Apr 12th 5140/5170-5175/5195 condors for 19.35, IV 29.07% at 9:49 ET

#SPX0dte Sold to Open $SPX Apr 12 5060/5080-5225/5245 condors for 1.55, IV 31.87%, deltas -.07 +.07.

I may also add an ATM condor but for now I’m liking the premium and width being offered on my previous 1-dte strategy.

#SPX0dte Sold to Open $SPX Apr 11th 5130/5160-5165/5195 condors for 19.70, IV 27.98%, at 8:47 ET

#SPX0dte I am not trading before CPI, but watching a centered test trade going for 23.85. That’s only 6.15 of risk, which is quite tempting.

I will watch movement and consider a trade if volatility starts dropping and SPX calms down.

#SPX0dte Sold to Open $SPX Apr 8th 5175/5205-5210/5240 condors for 16.85, IV 20.35%, at 8:25 ET

#SPX0dte Sold to Open $SPX Apr 5th 5130/5160-5165/5185 condors for 20.35, IV 31.03%, at 9:32 ET.

I watched several spreads in pre-market, but IV nor premium really dropped much between jobs report and the open. So I didn’t feel I would get an advantage entering before the open.

#SPX0dte Another over-reaction to data, this time slight rise in weekly jobless claims. Not sure if I’ll place a trade before the open.

#SPX0dte Sold to Open $SPX Apr 3rd 5170/5200-5205/5235 condors for 15.85, IV 18.38%, at 8:41 ET

#SPX0dte Sold to Open $SPX Apr 2nd 5190/5220-5225/5245 condors for 14.15, IV 15.43%

Futures trending lower after a day with a decent drop, so this is riskier positioning than last week has been. Also would like to be out by 10a ET to avoid in reaction to JOLT jobs report.

#SPX0dte Sold to Open $SPX Apr 1st 5230/5260-5265/5295 for 12.80, IV 14.78%

#spx1dte

#SPX0dte At 8:42 ET Sold to Open $SPX Mar 27th 5195/5225-5230/5260 condors for 13.35, IV 14.11%

#SPX0dte Sold to Open $SPX Mar 26th 5205/5235-5240/5270 condors for 12.90, IV 14.08%

20-winged test going for 11.05

#SPX0dte At 8:56 ET, sold to Open $SPX Mar 25th 5200/5230-5235/5265 condors for 14.85, IV 14.45%

#SPX0dte Sold to Open $SPX Mar 22nd 5210/5240-5245/5275 condors for 13.05, IV 15.67%, at 9:36 ET

Premium was dropping rapidly as I tried to sell this.