NaughtyPines

OPENING: SPY NOVEMBER 20TH 275 SHORT PUT

AMEX:SPY   SPDR S&P 500 ETF TRUST
... for a 5.68 credit.

Notes: Adding a delta cutter in the first expiry in which the at-the-money short straddle pays greater than 10% of the stock price which is (ugh) November. Scratch at 90.55. Net delta remains short with the vast majority attributable to the September 282 short call (-83.02 delta/2.83 theta/5.44 extrinsic), so it's as though I'm basically working a synthetic covered put that I've overwritten (is one way to look at it).
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