BigTrends

Going under the Law of 'Always Screw The Most Number of People', adding open interest and volume for all strike prices in both Puts and Calls for this afternoon's expiration, statistically the most people would get Screwed if the SPY closed in the 86-87 range. With SPY trading over 89 this morning, it seems most likely that your scenerio of Pinning at 89 or 90 is s
correct, but it won't take long now for us to see if this Law starts to kick in.

Thinking about the above comments, yesterday I placed a pre-expiration SPY butterfly/condor with short Calls at 89 and the short Puts at 88 for a $1.24 credit; breakevens 90.25 above and 86.76 below: hoping for a close in the 88-89 range.

Thanks Moby for getting me to think about this (The "Thanks" is only Provisional based on P/L of this trade at expiration close today).

As it turned out on exp Friday, Spy closed @ 88.7 and I nailed the call condor maxed between 88-89. See my set-up above.

Moby, you and I are on the same wavelenth after reading your VIX market commentary today since I've been thinking a lot about the VIX, now at 30 and how it's been crashing since March. We may be on the same wavelenth but at different brain frequencies. You think the VIX will quietly settle in to this plesant new quiescent area between 25-30 but I see a bottoming signal which is preparing an elastic rebound back into the 40' and 50's as the market again breaks down. When??? bery bery soon, mein freund.