Weekend Update: SPX Weekly Call Credit Spread for the July 1 Cycle.

Early Friday morning at the low of the day, this price to buy back this spread was .35, which would have been a $65 gain before commissions. For those of you who may have been able to catch that, great job to take those gains before the weekend risk! I was not able to execute that closing order before the market rebounded and the price to close the position moved up. Below is the open position at the close Friday:




This position is currently +$57.50. Our target on this position remains at $75 (75% of credit received). Our closing order is in to buy back the spread for .20 which will result in target gain. However, as I noted on Thursday, with the shortened Holiday trading week, we will exit the position before the close on Wednesday, regardless of the gain. The market closes early on Wednesday, 1 pm Eastern, and I recommend anyone in this position exit prior to the close.

I will post an update early next week.

There will not be a new trade entry next week until Friday, after the monthly Unemployment Situation report is released. If market conditions are favorable, a credit spread will be entered on SPX and/or RUT for the July 2 cycle.

As always, stay keen on your risk management and trade carefully.

Happy Trading,

Dot Hazlin