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Income Masters Trade Alert: SPX

Our S&P 500 (SPX) hedges are profitable with two days to go until expiration. I am recommending we close the current positions and put on new hedges expiring next month.

Note that I am recommending you buy the more liquid November monthly options as opposed to the November week three series, which also expire on Nov. 20. Do not hesitate to call your broker if you need help getting into the right position.

We will continue to track these as ongoing positions, but you can initiate one of the new hedges even if you were not in a previous one.

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

Current Index Price: 3,282.28

SPX Oct Week Five (10/30) 3000 Put

Cash in Hand: $12.90

Action:

  • Sell to close the SPX Oct Week Five (10/30) 3000 Put for around $2
  • Buy to open the SPX Nov Monthly (11/20) 2700 Put for around $13.70

New Cash in Hand: $1.20

SPX Oct Week Five (10/30) 3000/2950 Put Spread

Cash in Hand: $7.85

Action:

  • Sell to close the SPX Oct Week Five (10/30) 3000 Put for around $2
  • Buy to close the SPX Oct Week Five (10/30) 2950 Put for around $1.40
  • Set initial credit limit at $0.60

 

  • Buy to open the SPX Nov Monthly (11/20) 2700 Put for around $13.70
  • Sell to open the SPX Nov Monthly (11/20) 2650 Put for around $11.65
  • Set initial debit limit at $2.05

New Cash in Hand: $6.40

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