Status report on SPX weekly credit spread for January 1 cycle.
SPX closed Friday at 1841.30, about even with the previous day. Below is the January 1 weekly credit spread as of the close:
SPX January 1 Credit Spread shortly after entry
The position is currently +$30.03, or 3.2% of the total margin/risk. Our â€œGood to Cancelâ€ order remains in place to close the position for a debit of .15, which would represent a gain of $60 before commissions. With the shortened upcoming trading week, however, I would not hesitate to close the position for .20 if the opportunity presents itself.
The position will exited for the above gains, or the pre-set maximum loss of $75.
I will post a trade update early next week.
As always, stay keen on your risk management and trade carefully,