This morning's open put our SPX May 5 Weekly Put Credit Spread in a perfect position to exit for target.

Below is a graph of the SPX May 5 weekly Put Credit Spread as of the close last Friday. This morning's gap up was to our advantage; our closing order filled shortly after the open to buy back the spread for .15 This position exceeded our target gain slightly; the net gain was $70 after commissions, or 7.7% of actual margin.

SPX May 5 Put Credit Spread

If market conditions are suitable, we will enter a SPX Weekly Put Credit Spread tomorrow, May 29 for the June 1 Cycle (Option Code 130607).

For those of you who may not be familiar with the guidelines for this trade, they were published in an article dated May 12, 2013. The article can be found here: Link to Articles

The original guidelines call for a Monday or Tuesday entry, however, I have found that sufficient credit can usually be obtained up until Friday, 7 days prior to expiration. The minimum credit we will accept in order to enter the position is .75.

A trade update will be posted with entry details.

Trade carefully,

Dot Hazlin