Larry McMillan Talks Markets & Options

By Lawrence G. McMillan

Yesterday, I joined the team at tastylive for a conversation about the current market, some of the strategies I’m trading today, and how my approach to options has evolved over the years.

We started with the broad market. I remain cautiously bullish, particularly as long as the S&P 500 holds above the 7,600 level. The subdued $VIX and positively sloped volatility term structures are also encouraging, although breadth and new highs versus new lows remain somewhat shaky.

From there, we got into some of the strategies I’ve been using recently, including 0DTE index options, put credit spreads combined with upside calls, broken-wing butterflies, and rolling positions as the market moves.

We also spent some time looking back. I shared the story of how Options as a Strategic Investment came about, as well as how my own trading has changed over more than five decades in the options markets. Today, I tend to trade fewer names with larger positions, and I roll much more frequently than I did earlier in my career.

One thing that hasn’t changed is how much I enjoy trading. After all these years, I’m still actively trading because I find the markets interesting and challenging—and, quite simply, because I still think it’s fun.

You can watch my full conversation with tastylive below.