Three winners, zero losers for the March cycle. GLD, SPY, TLT puts all expire worthless. The SPY put was originally part of a vertical put spread. I made money on both legs of the spread for a total return of 60% on the initial investment. The small print is that because I legged out of the position, the margin requirement of holding just the short put was ten times the cost of the initial position.
Finally on Friday the stock market has some modest downside action. For stock market bears, the relentless and slow rally has been like water torture. Option premiums contracted and contracted. While a 3% or 5% down move might happen at any time, more than that will take a bigger foundation or a bigger event. Upward momentum still dominates the stock market and will take some time to dissipate.
There is a chance that the entire Friday event was related to options expiration.
Long GLD, TLT
slightly short SPY
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