Update on two day foray into quarterly options (with update)

The quarterly options with strike price of 106 on this position that I was short on expired worthless on the first of October since SPY had dropped below 106.   The market was looking edgy and I considered just taking my losses, but instead I sold-to-open Oct 106 calls against my SPY position at 1.28.  Actually I had to create a bear spread position, because my brokerage account believed the quarterly options still existed...  This IRA account allows equity spreads, so I bought 120 Oct calls at 0.01 to create the spread position with the short options.     SPY continued to fall and on the next day I closed out at position with the 106 calls at .77 and the 120 calls at .01 for a net profit on the spread of  0.51.   Of course my losses on the SPY position had been more like 2.00 per share.    I felt the market was near to bottoming out, so I just held onto the SPY.  Today SPY hit 106 and I  considered reestablishing the short 106 call position, but I think there might be one more day left in this rally.  We will see.

Update -- Thursday 8-October

SPY is at 106.65, and if you believe the trendline it won't go much above 107.5.  Sold-to-open 106 October calls at 1.76 to create a covered call position.