Many, if not all of us were assigned on our SPY 418 puts overnight. We will manage that position with a Trade Re-Set. We will close the open positions today and set-up a new SPY trade position tomorrow (4/27) in the live trading session at 10:30 AM Eastern. Closing the SPY position today should result in a break-even to very small profit. We will carry forward any credit or debit to the re-set trade tomorrow.

TRADE RE-SET PART 1

SPDR S&P 500 ETF (SPY): 405.80

TRADE 1 (ONLY if you were assigned): SELL shares of the SPY. 

The market is flat but if we get a few ticks up we may be able to scalp some profits off this. At the time we are putting this alert together, SPY is trading for about 405.80.

TRADE 2 (ONLY if assigned): CLOSE the SPY 16 Jun 418 puts for a credit of around 15.50 to 15.60

We have profits in the 16 Jun 418 puts so let’s go ahead and close those for around a credit of 15.64.

TRADE 3 (ONLY if assigned): CLOSE the SPY 28 Apr 399/16 Jun 399 put calendar spread for a credit of around 6.80 to 6.90

STC the SPY 16 Jun 399 put

BTC the SPY 28 Apr 399 put 

TRADE CLOSE: (IF YOU WERE NOT assigned SPY Shares): CLOSE the SPY 418 and 399 put calendar spread for a net credit of around 6.90 to 7.00

BTC the SPY 28 Apr 399 put

STC the SPY 16 Jun 399 put

BTC the SPY 28 Apr 418 put

STC the SPY 16 Jun 418 put

Master Portfolio:  3 contracts