The market is breaking a support level so it makes more sense to close and reset the SPY trade that expires tomorrow while we still have a slight profit or slight loss … depending on your fill prices.
We are closing the current double calendar/diagonal and will re-open new leg(s) in the live trading session tomorrow at 10:30 AM Eastern.
With only a day left to expiration the gamma effects make any adjustments minor and often not enough to offset the movement in the market.
SPY S&P 500 ETF (SPY): 390.99
TRADE ACTION 1: CLOSE the SPY 16 Sep 390 call /18 Nov 390 call for a net credit of around 13.98 – 14.02
BTC the SPY 16 Sep 390 call
STC the SPY 18 Nov 390 call
TRADE ACTION 2: CLOSE the SPY 16 Sep 405 call / 18 Nov 405 call for a net credit of around 9.15 to 9.25
BTC the SPY 16 Sep 405 call
STC the SPY 18 Nov 405 call
The 50K Portfolio is trading 3 contracts; the 10K Portfolio is trading 1 contract.