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Quant Trader
Expert-Level Options for Sophisticated Traders

June 22, 2023

Cabot Options Institute Quant Trader – Alert (SPY)

SPDR S&P 500 ETF (SPY)

The short-term measures we spoke about last week when we sent our SPY bear call spread out have subsided a bit. As a result, I want to lock in our SPY bear call spread that we placed just seven days ago for a nice profit. With 57 days left until the August expiration it seems silly to continue to hold on to the trade when we can lock in over 50% of the original premium sold. This brings our total return to just under 155%.

We are still holding our QQQ bear call spread and IWM iron condor. If we continue to see a reprieve we should be able to take off both trades for profits over the coming days.

The Trade

Simultaneously:

Buy to Close SPY August 18, 2023, 465 call strike
Sell to Close SPY August 18, 2023, 470 call strike for a total of $0.24 (As always, the price of the spread will vary, so please adjust accordingly.)