[CLOSED] - Retracement Short in SPX

Market had a great pop on the greek news, but I think the momentum will slow down in the near term.

Here's the trade:

Sell to open SPX Jul4 2130/2135 Bear Call Spread

Do this in 3 tiers:

1st tier: Enter at 1.00, Exit at .50

2nd tier: Enter at 1.50, Exit at 1.00

3rd Tier: Enter at 1.90, Exit at 1.50

This is a smart scaling approach if the momentum does continue.

If the SPX breaks 2135, then exit the trade for a loss

If you want to do something similar in SPY with lower size, use the 213/216 call spread.

Update: July 14th, 2015

Add at 1.50 on second tier, will exit this spread if the price trades back down to 1.00.

Update: July 15th, 2015

Out of second tier at 1.00, will re-add at 1.60.

Update, July 16th, 2015

Gap higher today, so re-adding the second tier at 2.00, will exit at 1.50.

Update: July 21st, 2015

Getting ALL OUT of the spreads at 1.40.

Margin and P/L

Tier 1:
Margin: $400
Enter 1.00, Exit 0.40
Loss: $-40

Tier 2:
Margin: $350
Enter 1.50, Exit 1.00
Profit: $50

Tier 2 Reenter:
Margin: $300
Enter 2.00, Exit 1.40
Profit: $60

Max Margin: $750
Profits: $70
RoR: 9.3%

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Update: July 15th, 2015

Update, July 16th, 2015

Update: July 21st, 2015

Margin and P/L

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