The market opened higher this morning, sold off, and is still trying to find a direction. Our SPY short options expire tomorrow (30 Nov). Let’s roll them out two weeks but keep them strike-to-strike for a good chunk of credit. That should leave enough width between our strikes on the P&L graph to manage the position for now.
SPDR S&P 500 ETF (SPY): 395.05
TRADE ACTION 1: ROLL the SPY 30 Nov 376 put to the 14 Dec 376 put for a net credit of around 1.60
BTC the SPY 30 Nov 376 put
STO the SPY 14 Dec 376 put
TRADE ACTION 2: ROLL the SPY 30 Nov 405 call to the 14 Dec 405 call for a net credit of around 2.95
BTC the SPY 30 Nov 405 call
STO the SPY 14 Dec 405 call
The Master Portfolio is trading 3 contracts.