NaughtyPines

CLOSING: SPX JULY 29 2085/2095 SHORT PUT VERT

TVC:SPX   The Standard&Poor's Index
This is one of a trio of post-Brexit trades in RUT, NDX, and SPX             that I put on post-Brexit and that moved, well, a little more than I'd like ... .

Today (with 2 DTE             to go), I closed out the put side for a .15 debit, and then rolled the call side from 2115/2125 to the 2145/2160 for a .30 credit and then sold the Aug 12th 2100/2115 for a 1.50 credit (giving me the pictured setup). As with my GLD             and RUT trades (and soon, my NDX iron condor if price doesn't peel off substantially from the highs), I'm looking to lather, rinse, repeat with net credit rolls (i.e., credit received exceeds any debit paid for rolling) until I'm able to exit the setup for scratch or better ... .

Notes: Some people choose to allow the side approaching worthless to expire that way if there is a "high likelihood" that will occur (there was here with the put side). I generally choose to close it out "just in case" something unexpected occurs ... . It's just not worth the extra $5-$15 you'll make, Weird stuff has been known to happen.
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