Alright so I made two moves today, 1) I closed out my WFM trade for a $150 profit, which was 51% of the original $295 premium. 2) I opened another SPY credit call spread. This one I set up out to June, the 189/190 play for a $500 premium on 10 contracts.
So first off I StO at May $50 put on Monday, collecting a $295 premium. As I said in my post when I opened the position, my goal was to play the bounce and capture at least 50% of the original premium. Well it's pretty simple, when Mr. Market gives me exactly that 3 days later, I'm taking that sucker!
My second move of the day was setting up a June SPY 189/190 credit call spread. I played 10 contracts collecting a hefty premium of $500, with a total risk of $480. I feel like this play will be successful for a few reason, the SPY is close to ATH's on shrinking volume, the whole "sell in May" thing, AND the instability in Ukraine. This SPY play is in addition to my May 188/189 credit call spread. So as you can see I'm pretty bearish on the SPY here in the near term.
My goal is to capture at least $200 of the $500 premium!