May 042015

– SOLD IRON CONDOR SPX 100 JUN 15 2155/2165/2005/1995 CALL/PUT @4.55
Well, as discussed on the last Trade Buddies Live we found that the buying power of an SPX iron condor was much lower than the SPY strangles. I put on a couple of them today.

Here’s a little discussion when asking the MarketCast chat room about trading the SPX.

14:04 JVonD: Anyone have any cautions doing SPX iron condors? Just curious. Seems like a nice trade.
14:05 Mark: JVon – I tried for quality fills for 4 days, and never got em – no me gusta SPX
14:06 √√AnnAbabe√√: JV cautions?
14:06 JVonD: Thanks Mark. I got filled on some today a few clicks under mid price… Not to sure about them but it seems a lot nicer than my SPY strangles. Less buying power, just weird spreads.
14:06 √√AnnAbabe√√: don’t do SPX options > tough to fill and tought to out fill
14:06 Mark: and JVon.. the ‘income trade’ of IC’ing the big indies, has been touted for a long time… make nice conservative 5% / month.. then once, every 1 months, get et snmooooshed, and lose it all, and more
14:07 Mark: RUT is the index they used to tought the most
14:07 JVonD: cool thanks a bunch.

5/7/15 – BUY IRON CONDOR SPX 100 JUN 15 2155/2165/2005/1995 CALL/PUT @4.05
Pulled it off today. That was fast!  Thing is, the market looks extremely week in my mind and it is to risky to stay in.  If this thing were to tank the volatility would probably pop huge and blow out my pricing and I’d be stuck in the trade through an entire crash or would need to bail and I wouldn’t want to sit on it for possibly months by rolling my put side. %10 profit.