RE: [TheOptionClub.com] SPY Just Hit My Short Strike

 

I has a MAR/APR 110 calendar.  Same issue I took mine off because of MAR expiration concerns.  Sham, because vol had finally started to how signs of life … that that is because of the long red candle that messed up my delta.  I put it on on 2/19 when iV was low, but iV just went lower.  If it had been an iB it would probably be OK right now.

 

From: OptionClub@yahoogroups.com [mailto:OptionClub@yahoogroups.com] On Behalf Of metagunny
Sent: Wednesday, March 10, 2010 6:07 PM
To: OptionClub@yahoogroups.com
Subject: [TheOptionClub.com] SPY Just Hit My Short Strike

 

 

As part of my iron condor position, a few weeks ago I sold the Mar. 20th 115 Call and bought the Mar 20th 118 strike.

The SPY has been flirting around this price for the past few days.

I think there is massive resistance around this price, so I haven't done anything yet.

However, the options are expiring in less than 10 days, so I have a few options.

Since the options are expiring in about a week, I was thinking about creating a butterfly position, since the price shouldn't move past three or four points in the next week anyway.

Or, I could just sit on the position, as I think there is a good chance it will expire below the 115 strike. My only worry if this HAPPENS to be the week it breaks above this resistance level, it will be on good volume and a good surge.

I think we are due for a pull back soon though.

Thoughts or ideas?

Thanks in advance.

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