NaughtyPines

SPY, QQQ -- PEELING OFF PUT LAYERS OF MY MARCH 15TH "ONIONS"

FX:SPX500   S&P 500 index of US listed shares
With the March monthly options expiry a scant two weeks and some away, I'm peeling off the short put vertical wings of my March iron condors in QQQ             and SPY             as they approach worthless (<.10 debit for a spread). Naturally, the hope was that price would stay well within my "target zone" for these "onions" and that I'd be able to peel off layers by covering the iron condors as a unit by mixing and matching spreads from the put sides and the call sides. However, with this first-of-the-month upmove, I'm presented with an opportunity to bail on the put sides of these setups for price approaching max profit, so I'm taking the opportunity here.

This is going to leave me with a couple of spreads that are ITM             at the moment. Naturally, that's not an ideal situation, but I generally deal with these "troubled" setups as expiry approaches, which is the best time to assess what can be done with rolling (i.e., improving strikes, obtaining credit, selling oppositional sides against, etc.).

In the mean time, I'll hand sit and wait for an opportunity to balance out my April             units and overall net short delta by selling short put spreads on a dip if the opportunity presents itself ... .
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