Superfly!

3) if the SPX pa has moved against you into 0dte, probably best to just close out the vert for up to 50% loss. You could also lose money on the fly formed - pa could just move beyond the profit zone of the fly - an argument for hedging the tail risk.

You could do all of the above from an entry at the 0det open, also.

As mentioned lol I have not been making it into fly formation, just grabbing profit from the long vert on good guesses re: SPX movement - and getting some big moves overnight also.

Claro, USD still firming and /es down almost 80. All on the back of a Warsh nomination. For reals? Hey ok I'll take it, we'll see if the down move can hold into the open. If down trend continues, I will cash out the vert and wait to see if there may be a rebound into the fly. Setting a $14 tp for the vert overnight, would be happy with that obviously.

lol, never bet against the Taco dip buy.

for tuesday (....looking like another total loss. not sweating full losses on small, low-cost trades)

legging into a fly... I might've saved 20c....

but, I'll only lose a buck in the big dump today

approach shown above is a btfd on opportunity - this morning was a good one, I saw it when SPX was down -100 and couldn't trade it.

another approach is to start by selling the bull puts vert - I'll grab one right now and show below. Management, as follows:

1) if SPX goes down, you can buy the bear puts vert (in the example shown, that would be 2/9 6750/6720) - this might result in a more expensive fly, if there has been no theta decay and the continued movement is large

2) if SPX goes sideways, wait

3) if SPX goes up, a) you could buy the mated bear puts for a cheaper (or credited) fly or, b) buy back the bear puts vert for a profit

In a perma bull market for SPX, the approach for both of the above will be to either buy or sell into weakness, ie, to buy or sell on a dip. I just grabbed a random 2dte spread in the above, but probably will work better in either case to look at 1 dte....let's see how that works out...

watching the 2/6 6790/6770 bear puts. The outright cost of the 6750/6770/6790 puts is $1.10 atm, so I'm underwater

will enter calls

now need to watch the 2/6 6880/6910 bear calls....looking for credit > $9.50, ideally. I have painted myself now into a box, looking for a rally into the close.

we'll see what happens tomorrow, obviously I am looking for an SPX bounce, the bigger the better. For my next feat of strength I will try starting from a 1dte IC.

in real not play money, with SPX down 88, I took a shot for Friday:

could spell trouble for SPX tomorrow. Market has been revolting against many of the Mag7 names who are saying they will shoot the moon on capex to build out new compute. Amazon says they will spend $200 bio in 2026.

about 6820, today's close, is the min I'm looking for to open SPX Friday

6830/6850 bull calls comes off for $11, not worth it to form a fly, grab cash and run

in reality, I'd probably just buy back the bull puts for good profit, but I could lock in a $3 gain and form the no-risk fly as shown. Will paper trade the latter...

try another for Monday, looking for some pullback on the day.....watching the 2/9 6925/6950 bull calls, want for < $5