Now, since we still have a lot of time left in July, let's look for a roll within the July cycle to help us defray the $3.05.
With the market back at 1276, let's roll down to the 1190/1180 July SPX bull put spread. It looks like we can take in $.80-$.90.
Sell 25 July SPX 1190 puts - SPTSR
Buy 25 July SPX 1180 puts - SPTSP
Credit of about $.80 ($2,000)
Notice that I increased the contract size by 5 contracts. Every little bit helps.
Hopefully, an 80 point cushion will be enough for us for the July cycle.
Take care and trade smart!