New SPX trade

Decided to open a new SPX Bear Call spread today as I think the market will head lower for the next couple weeks.

Sold 350 SPX Jul 1660/1665 Bear Call spread for $1.00 credit.

This trade has a potential $35,000 profit on $140,000 risk with about 3 weeks left. This would be a potential 25% return.

Closed SPX trade early

With the small bounce here I decided to close the SPX trade out early. Bought back the 320 contracts for .60 which was a $11,875 profit. This ended up being a 9.1% ROI in about 4 days. This puts the account at $144,475 total.

I feel the market will make another attempt at a sell off soon and I didn't want to get caught in the position close to expiration. I will look to open another Bear Call spread on the sell off.

SPX Trade

Returning back to the Project 2013 I opened a new SPX  Bull Put spread yesterday.

Sold 320 SPX JUL2 1525/1520 Bull Put Spread for $1.00

This has a potential $32,000 profit on $128,000 investment for a potential 25% ROI. I will probably end up taking profits early though if we rally again on Monday as this trade is already up $9,500 from the late Friday bounce. I also think there is a good chance the market sells off one more time and I would like to use that next sell off to open another trade.

Real trade update

I had a pretty successful trade the last couple days and was requested to describe it on here.

I placed a real money trade in my account taking advantage of the Fed speech on Wed and the recent two day market decline. I knew the market was going to use the Fed speech as the catalyst for the next directional move. With the chart below showing the market where it was last Tuesday, my upward targets were approximately 1670 and then 1690 area. The downside targets were 1624 and then a retest of 1598.

Once the market turned bearish from the Fed comments I purchased 8 of the SPY Jul1 163 Put's for $1.53 per contract on Wed which cost $1,223. The market sold off into the bell to about 1628. I ended up with even better results than I had anticipated as the market continued to sell off past my first two targets the next day without showing any signs of bouncing.

I was able to sell them at the end of today for $5.23 per contract for a total of $4,424 for a gain of $2,960.  This was a 242% ROI in 2 days. Even though I think there is a good chance we could test that 1543 level soon, I chose to take the profits as the market is quite volatile and we have pierced the bottom Bollinger band on today's extended sell off. There is a goo chance we bounce some tomorrow or Monday.

Waiting

The market seems to be waiting for the Fed talk tomorrow before deciding where to go next. I will wait until the market breaks out in either direction before opening the next trade.

Closed SPX trade

I decided to close the SPX trade this morning early. I feel like the market may try to re-test the highs and I don't want to get caught having to roll the position close to our strikes. I closed out the trade with a $7,300 profit, which was a 6.1% ROI in about a week. The account now stands at $132,600.

I will wait to see if the market continues higher to re-test the highs or to see if we break below the 1596-98 level on the the S&P. This will help decide future action.

New SPX trade

I decided to open another Bear Call spread on this recent bounce.

Sold 290 Jul 1 SPX 1690/1695 Bear Call Spread for .90

This has a potential profit of $26,100 with 3 weeks of time left. This would be a potential 22.1% return.

Closed SPX May 31st trade

I was able to close the SPX trade we opened on May 31st early for a $11,779 profit. This was a 10.7% ROI in less than one week. The recent market sell off allowed us to gain the majority of the profits early and I have decided to take them. I believe we will see a small bounce here possibly back up to the 1645 area on the S&P 500 ( Possibly by Monday) and I would like to then enter a new Bear Call spread at that point.

The account is now up to $125,000.