SPY – 28 July – No Rolls.

For most of the day, the SPY has remained very close to our "fulcrum" point, centered on $323.

In the last 15 minutes of the day, SPY took a drop towards $391, so we may recenter this tomorrow morning. Ideally we would have done so today, and booked a $600 to $700 profit on the 16 contracts, and been well positioned for tomorrow. However, I was involved with another trade when this dip occurred, and you don't want to do these rolls in haste.

Such is life. These sold options are losing a lot of value due to time erosion - which we want - so we should be able to make the adjustment tomorrow while still banking a profit.