SPX Credit Spread Update

What you see above is a candle stick price chart of the S&P 500 from the Market Club service. I have been watching the index's price chart because the market is extended off of a recent pull-back to it's 50-day moving average and now seems ready to consolidate.

Yesterday, we had placed a limit order for a bull put, vertical credit spread. The limit price was at or below the quoted mid-price of the spread. That order was not filled, however. This morning, the market is again soft and our limit order is back on. At differing times this morning, the mid-price for the credit spread was well above our limit order price.

I am not chasing this trade by lowering the limit price on my order, although there is room for me to do so. The reason I do not want to reduce my limit price is because I believe that market may see some additional consolidation. The fact that earnings are being announced creates some additional uncertainty.

Patience is a virtue they say. I would much rather miss this trade and be sidelined this month, than jump into a trade out of frustration and find that the market continues to pull-back. In the meantime, the order is placed and I'll keep you posted.