The first month of trading with my new options strategy ended with modest success, as I managed to “thread the needle,” and have the SPY stay within 2 points of itself from last Friday to this Friday:
All in all, I added $450 to the bank as the weekly SPY 131 option spreads I sold last week for $2.23 each decayed to $0.73 today, for a profit of $150 per contract pair.
I turned around and sold more SPY weekly options for the next expiration on February 3rd: Three 131 calls, brought in $1.42, and three 131 puts brought in $0.90, for a total credit of $2.32 each, or $696 total.
Unfortunately, with the “grind up” market we have been seeing lately, premium prices are very small, so some more threading of the old needle will be needed to continue to book profits on this program.