Two orders went into Portfolio 1 this morning eighty-five seconds apart, and both filled at exactly the same second. One is another step on the /MES short-put ladder, the eighth. The other is the first 1-1-1 Rihan has put on in a while, and it is by far the bigger of the two in every way that matters except the credit.
That last part is the whole point of this letter. The credit is the small number here.
The Trades
Paid subscribers — both trades below
$3,322.50 of credit across two tickets, one unit each: $2,770.00 from the SPX 1-1-1 and $552.50 from the /MES step. That is 0.33% of the $1,008,467 Portfolio 1 value Rihan read after the fills this morning.
