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Focus continues to be on SPX Strategy. I made an error in Q3 by placing short call spreads on SPX after a huge downturn. In hindsight, I should have allowed my short puts to continue and should have waited until the market moved higher to set the short credit spreads.

In the face of an error, we have the opportunity to respond or to fold. I have been rolling my options positions each month with minimal cost in an effort to recoup the loss from the error.  In parallel, I am selling short put positions on down days for the SPX. This will drive smaller profits that offset the expense of rolling my positions and provide additional profit opportunity.

My current position will profit as much as $172,000 when the market turns downward and hits my target ranges. 

The ride is interesting and I am expecting a great report in 2016, as experience continues to sharpen my ability to make money with this strategy.

Happy 2016!