Well, it's Wednesday and the market is as volatile as ever. Although the Siamese Condor it ideal for less volatile markets, there seems to be an interesting opportunity here -- for the December cycle.
So, let's get our quickies started a day early with the following trade: With the SPX at about 1491.50 . . .
December Quickie #1 - SPX Siamese Condor
Sell 1 December SPX 1490 put - SXZXR
Sell 1 December SPX 1490 call - SXZLR
Credit of about 40.00
Buy 1 December SPX 1390 put - SXYXR
Buy 1 December SPX 1590 call - SXMLR
Debit of about 1.85
Net credit of about $38.15. Maintenance is $10,000. Profit range is 1528.15 to 1451.85. I'll get into more detail in Thursday's column.
If you have an upside or downside bias, you can adjust the strikes up or down, but don't get carried away. Remember, we try to avoid being directional traders.
This is a quickie suggestion. It's not an official CPTI portfolio trade. It should be interesting, though.
Good luck and be careful,