We have a chance to roll our S&P 500 (SPX) put for some serious profits following this week’s sell-off.

Note that no action is needed on the SPX Sep Monthly (9/18) 3050/3000 Put Spread at this time.

If you are not currently in a hedge, you can enter one now by buying the lower strike put. Just be aware that we will continue to track it as an ongoing position.

If you are new to this kind of hedging, please check out my Coaching Session on Hedging Your Portfolio.

Current Index Price: 3,355.92

Cash in Hand: $17.95

Action:

• Sell to close the SPX Sep Monthly (9/18) 3050 Put for around $17.85
• Buy to open the SPX Sep Monthly (9/18) 2950 Put for around $11.60
• Set initial credit limit at $6.25

New Cash in Hand: $24.20