I wanted to sell a Put Credit Spread (PCS) yesterday near the lows of the day, but something told me to wait since I really wanted to short this market not go long. My portfolio is a net long so I felt it would be better to wait for a rally. I woke up today with the market gapping down much lower. At the open, the market rallied for the first 5 minutes then just rolled over again. I wanted the ES #F to hit the 1998 level, as price approached this level I was able to open an Oct. 9th 184.5/183.5 Put Credit Spread for .18 cents, punch #1. My 188.50/187.50 expiring this week was getting a little challenged this morning but I believe I will collect the entire premium by Friday.
I then bought my runner a Sept 30th Call for .94 cents and took it to my target of 1.27, which is punch #2. It took about 1 1/2 hours but pretty cool trade if you ask me...
