There are some of you who have smaller accounts or who are reluctant to put on June positions because it will require too much maintenance. Here is a suggestion to free up some dollars for other opportunities.
You might want to unwind your May 1130/1120 bull put spread. Earlier today, I closed one of my 1140/1130 SPX bull put spread positions for a nickel. If the 1140/1130 filled for a nickel, it's likely (but not guaranteed) that the 1130/1120 positions would be filled too.
There are still 3 1/2 weeks left in the May cycle. It's almost foolish to wait that 3 1/2 weeks for the final nickel of profits -- especially if you have other uses for the dollars being held as maintenance.
This is not an official CPTI trade, just a suggestion. For those who don't need the additional maintenance, there is a 250 point cushion which is a virtual lock to be safe for the May cycle.
Don't forget to keep powder dry in your accounts - for additional opportunities and for potential adjustments should they become necessary.
Take care, trade smart and don't get greedy.