Our SPX Bull Put Credit Spread is still open, but then so is our limit order to close. I am estimating that we are about a nickle or dime away from a fill. Theta is eroding the trade quickly, now. We may see it close in a day or two, if not today.
You should now be looking at possible March credit spreads. We still have a bullish bias for the index, although a short-term consolidation back to 1,440 - 1,435 would not be uncharacteristic right now.
Call Spreads are not particularly tempting right now and should be entered cautiously. Be sure to give yourself adequate room for a continued market advance. If an adequate credit is not available, standing aside is always a good choice.
Good trading!
Christopher Smith
TheOptionClub.com
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