September 15, 2026 · Portfolio 1 (Growth) · Tony Rihan
Two tickets in Portfolio 1 this morning, nine minutes apart, both short SPY puts and both new steps on the ladder. The first expires in 66 days. The second expires in 458.
That second one is the letter. A December 2027 strike is not a longer version of a two-month trade, and the arithmetic below shows why.
The market read went out separately this morning; this one is just the trades. Credit across the two is $3,030.00. The commitment behind them, if both were assigned, is $137,500. Two different numbers, and only one of them is the reason to pay attention.
Paid subscribers — the trades below
