S&p bumped up a few points– which is not what I was expecting, but nevertheless our trade position value went up slightly:
Idea expiration for SPY: 209
SPY current: 209.32 (ES2089)
Break even: 209 + credit of 1.2 from shorting not the call – 0.59 I initially paid for the 212.5 call + whatever residual value I can sell the 212.5 call for at expiration.
= 210.2 – est 0.45= 209.8 break even estimate
ES equivalent of spy 209.8 = 2095
So really hoping the market does not go up any further for Thursday and Friday.
At the moment, trade is still in positive territory. The next few days should experience quick time decay– but the delta direction is very important– must not see a big move to the upside for Thanksgiving and Black Friday.
What about Russell2000 TF?
Lets see if this analysis is accurate for a change in direction at 8pm est on Wednesday night into Thanksgiving.
That would be max of 1198.8