Missed the call credit spread this week; should I now try to open the put spread?

Question:  I was unable to open the call credit spread on the RUT as suggested earlier in the week;  should I now open the put credit spread as indicated in this advisory?  Or should I wait to open the call spread first?

Answer:   The top bear call credit spread and bottom bull put credit spreads are independent from each other.  Yes, try to open the bottom bull put spread on the RUT and/or the S&P 500 (SPY) when you have the opportunity.  When the market is having a DOWN day, you should focus on bringing in premium on the bottom spread, i.e. if it’s filling within the range of our recommended price.  And when the market is having an UP day, only focus on trying to open the top bear call spread.  And per the top spread, yes the market started to pull back and the premium dried up on the strike prices that we have currently set.   I’ll be watching things over the next few days to figure out if we want to click-down the top strikes a little…but right now the top credit spreads are on hold.

Technical analysis of the S&P 500 and Russell 2000 (RUT) indexes, along with how to trade trading tips for index iron condor options and credit spreads provided by Brad Reinard, Editor-in-Chief, www.monthlycashthruoptions.com