ROLLED TROUBLED SPY SHORT CALL VERTS/CLOSED IRON CONDORS ON DIP
I was busy today, scrambling around this dip, and taking advantage of the opportunity to do two things: (1) Roll out and up any SPY short call credit spreads that were "troubled" and (b) Reduce exposure to the market by closing out any original IC's (iron condors without a side that had been rolled) that could be bought for a small profit or for scratch. (
Ordinarily, I try to make sure that I can receive credits for the sale of an oppositional side that exceed the debits paid, but I was in such a frenzy to take advantage of this potentially fleeting occasion of weakness (who knows) that I need to look over my options chains and see that the credits received for the sale of oppositional put sides were sufficient or not ... . (Hey, there's all weekend to putz with that ... .)
In addition to moving some call side out of harm's way, my goal was also to reduce the number of SPY setups I have on and transition over to SPX and RUT, which settle to cash, which obviates the necessity of rolling merely because of the presence of a heightened assignment risk (e.g., around ex-dividend dates). These two instruments take some getting used to, but I think the lack of assignment risk trumps, well, pretty much everything else ... .
Ordinarily, I try to make sure that I can receive credits for the sale of an oppositional side that exceed the debits paid, but I was in such a frenzy to take advantage of this potentially fleeting occasion of weakness (who knows) that I need to look over my options chains and see that the credits received for the sale of oppositional put sides were sufficient or not ... . (Hey, there's all weekend to putz with that ... .)
In addition to moving some call side out of harm's way, my goal was also to reduce the number of SPY setups I have on and transition over to SPX and RUT, which settle to cash, which obviates the necessity of rolling merely because of the presence of a heightened assignment risk (e.g., around ex-dividend dates). These two instruments take some getting used to, but I think the lack of assignment risk trumps, well, pretty much everything else ... .