Bull Put Spread
The bull put spread leg of this month’s Iron Condor was established on the 3rd June at 1240/1210. SPX was trading at 1374. Credit per contract - $200.
Technically, I was expecting some support in the 1370 - 1375 region. In fact, the SPX managed to bounce off this support for the next 2 days, with an impressive 26 points gain on the 2nd day. It managed to close over the 30 day SMA. Unfortunately, it was the kiss of death. We’ve not even been close since. At its low of 1331, our Bull Put Spread was trading at $4 and a delta of 18.
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