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Tuesday, December 17, 2013

Closed SPX 1880/1885 Bear Call Spread (January 2014 expiration)

Today I closed the Call side of the January 2014 SPX 1645/1650/1880/1885 Iron Condor

The 1880/1885 Call spread had been entered for a 0.60 credit. Closing it for 0.15 debit represents a 0.45 profit ($180 for 4 contracts per leg). That's 75% of its maximum profit potential 30 days before expiration. I did this as I plan to reload on Calls once the market rebounds. If the market doesn't rebound until expiration, well, so be it.

After this trade these are the current positions in the portfolio:
December expiration
SPX 1675/1680/1850/1855 Iron Condor  ($425 credit)
SPX 1600/1605 Bull Put Spread ($80 credit)
These two will expire on December 20 for full profit. Three days from now.

January expiration
SPX 1645/1650 Bull Put Spread ($80 credit)
RUT 990/995 Bull Put spread ($120 credit) 
These two looking very comfortable way far from current price levels.


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  1. This was a brilliant move. Now that we are back to near all time highs, you can reset the January bear call spread higher. Pure genius. Nice work.

  2. Thanks Jonathan. Yes, it was a good move I figured chances for a rebound were high, not because of the Fed, but because of the time left to expiration, and the close to oversold conditions that existed. As for selling Calls, Ideally I would like to wait a little, just a little push higher that takes us to overbought.

    Thanks for dropping by.