The market opened down and has lingered there for awhile. I guess I'm in a profit taking mode this morning.
With the SPX at about 1407 a couple of minutes ago (about 11:35 AM EST), I closed out our hypothetical short straddle (2 May 1390 puts & calls) for a debit of $37.30.
I took in $43.00. That leaves us with a profit of $5.70 x 2 contracts = $1,140 -- not bad for just a few trading days in the trade.
I may be leaving a chunk of money on the table, but it's OK with me. Other traders may be a bit more patient and may make out better, but I'm satisfied.
Now, I'll be looking for the next interesting opportunity.
Take care and trade smart,