I am recommending we close our S&P 500 (SPX) hedges for terrific profits — close to $3,000 per spread and nearly $10,000 for the standalone put — the one upside to this market rout.
If you want to continue hedging on your own, you can review my Coaching Session on hedging here.
Current Index Price: 2,776.28
SPX Mar Week Two (3/13) 2550 Put
Cash in Hand: $87.40
Action: Sell to close the SPX Mar Week Two (3/13) 2550 Put for around $8.40
Profit: $95.80, or $9,580 per contract
SPX Mar Week Two (3/13) 2600/2550 Put Spread
Cash in Hand: $21.75
Action:
- Sell to close the SPX Mar Week Two (3/13) 2600 Put for around $14.30
- Buy to close the SPX Mar Week Two (3/13) 2550 Put for around $8.40
- Set initial credit limit at $5.90
Profit: $27.65, or $2,765 per spread