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SPX at 4052
I’m going to set up a new 112 Bear Trap with 52DTE
Buying 3980/3950 Put Debit spread
Selling 2x 3400 PutNET credit for this trade 9.50
I will defend this trade IF/WHEN SPX goes inside the PDS = 3950 or lower
Risk Profile:
Order Ticket:
SPX at 3847
We moved -200 points in 3 days, that’s FAST. SPX is about -2.87SD since entry.
This 112 Bear Trap is far from being in trouble but I’m going to make a slight adjustment to reduce my DELTA for the time being.
Right now my DELTA +70
I’m going to pick up a put at -40 delta and this will cut my NET delta from +70 to about +30
Greeks:
Risk Profile:
Order Ticket:
SPX 3880
I’m going to recover 1/2 of what I spent on the hedge in the last adjustment
Order Ticket:
SPX at 3897
I’m going to cut my NET delta to flat by closing 3 of the 5 put debit spreads
Risk Profile:
Order Ticket:
SPX at 3972
I’m going to close out the remaining (2) of the 3980/3950 Put Debit Spreads here
Risk Profile:
Order Ticket:
*** Filled 12.70 credit
SPX at 3959
This trade has 9 days left and I’m going to go ahead and close out the OTM short puts
Order Ticket:
This trade is rolling off today with the remaining PDS expiring worthless
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