2013 SPX trade 1

Been a long time since my last post.  Starting today I will be posting all of my SPX trades in 2013.  All of the trades will have the following parameters:

• Focus only on the SPX (Sp500 index)
• Credit Spreads
• 4 contracts per spread
• $2000 margin per spread (each contract uses up $500 in margin)
• target 2-5% return a week on $2000 margin.
• Delta of .15 or below (Delta is the probability of the spread going against me and being In The Money)

Trade #1:

• 1560/1565 call spread for a gross credit of $120 before commissions and fees.
• $111.86 Net profit, after commissions & fees, in 3 days
• 111.86/2000 = 5.59% net return in 3 days
• Trade has a 92% chance of success and expiring Out The Money
• Trade is a win IF SpX closes below 1560 on Friday, March 8th.