NaughtyPines

ROLLING SPY JUNE 17TH 203/210 SHORT CALL VERT ...

AMEX:SPY   SPDR S&P 500 ETF
... to July 1st 204/211 short call vertical (for a $24 debit).

This is a left over spread from a May monthly iron condor that I'm slowly massaging upward. I figured I would roll it here even though there are 25 odd days left until expiry, since -- if price moves up from here -- the roll could get more expensive and with not much premium selling to do, there is no time like the present to work on setups that are either currently problematic or may become so.

It cost a debit to roll, which I "financed" with the sale of a short put spread in the same expiry (a 195/198 short put vertical that I filled for $58/contract). In short, I'm net credit on the whole operation.

The roll also left me with an unpaired short put vertical in the June 17th expiry, so I also sold a June 17th 210/213 short call vertical for a $53 credit/contract. This will complete a June 17th expiry iron condor, which I will proceed to take off at 50% max profit.

Naturally, for some, this seems like an awful lot of work to "repair" a broken setup. Since, however, I regard SPY             as one of my core positions with multiple spreads set up at multiple strikes in multiple expiries, I have no problem working these broken spreads for "a bit" to try to get out of them net profitable.
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