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Market rises, Doug falls back a bit

The market’s rise to about 1310 this week meant that I absorbed a small loss on my short term SPY spreads; I sold three January 128 spreads for $2.29 last Friday, and bought them back for $3.08 today, all told a loss of $237.00.

I put the position back on with weekly SPY options for next Friday, selling three SPY 130 puts and calls for a net credit of $2.33 each.

On the long term side, I sold my three April 128 calls for $6.77 each, a profit of 0.99 cents on each contract, and replaced them with three April 130 calls bought at $4.79 each. So now I have a credit spread going on the long side, holding April 130 calls against April 128 puts.

We’ll see how this pans out by next Friday!

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