P1 Trade Alert — Taking Fast Profits Before The Music Stops ( Ladders & Chairs )
People are making money while the music plays. We're locking some of ours in before the chair shortage starts.
Good Morning GYP Members.
Market Regime Read
Vol: VIX 16-17 area, /VX still anchored below 20. Continued compression. SPY Expected Move today ±$2.05 (0.27%).
Momentum: 9th up-week in a row developing. Every dip bought within hours. Sellers can’t get traction.
Catalyst: Quiet calendar this week. Holiday-shortened week. AI narrative still dominant. Bond yields stable but elevated.
SPY position: $750.95 — within 5 points of recent ATH. Front-of-book P1 short puts (the ones still working) sit ~50-100 points below current, comfortably OTM.
The defining feature of this regime, as TonyR notes: the market won’t pull back enough to let us re-enter at fair-margin strikes. Every short-put we built during the brief April/early-May dips has run deep into profit faster than the original DTE expected. The /MES 7325P closed today is the cleanest example — 9 days from entry to 63% decay, with /ES never threatening the strike.
TonyR Commentary
