selling rallies. I also accumulated too many long M/Ns as they drifted lower and lower. Today I was able to sell some at my profit target.

Relative to which spreads are mis-priced, if my foresight were as good as my hindsight, i would be a damn sight better off! I did get the K/M-20 right when the were up around
-1.95 and sold seven. I have covered some but still have some looking for -4.25. Have orders working to sell again at -2.40. There is a strong tendency for the K/M to drift below -3.0.

The Q/V is one of my favorite spreads and I generally like to trade it from the long side but that was not the trade to have made this year as they have fallen from the 15 level in mid-December to 6 last month. I bought a pair today at 8.20 covering a pair I sold yesterday at 8.75.

It seems to me that spreads often just jump around without any rhyme or reason so I keep a fair sized boat load all the time with a bunch of working orders to take profits or add more.

Best wishes,

Doc

5
is much better than my fore-sight.