When the S&P 500 was down only 1.2% for the day (it finished down about 3.5% at 743.33) I sold to open 1 XSP put with a $.51 premium and a strike price of 61 for a $48.05 credit to my account after commisions. That is currently 18% OTM. I'm giving myself a Maintenance Requirement of 75% of the strike for all sold puts. This is kind of high, but since I'm new to this whole trading thing, I think it will keep my margin leverage to a minimal.
So the Maint Requirement is $4,536, and the ROI is .79% or roughly 10.5% annual (48.05/4536). Since 10% is my goal for the year, this trade is in line with my overall strategy.
On another note, ERX closed -12.56% on the day to 22.06. I'm not sure how long I will hold this trade, as it now seems much to risky for my goals for the year.
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