I was on the wrong side of this spread the last few days short 5 June - Long 3 July and in and out of the spot trying to fight the trend.
Friday 17 May near close of business try to reduce the exposure by buying back 1 of the June shorts.....the system closed out all 5 contracts and rolled them over to July.
I am going to be so p***ed of if June price collapses.
and maybe a little grateful if the June price goes up faster than July.
Nevertheless the whole point of this exercise was to benefit from any last minute spread swing - put the spread on a few days early after reading all the documentation about complications surrounding expiry and rollovers. It said nothing about partially closing a position.
Finally 3 of the short June once rolled over should have been set against the Long position as I have net-off on.
So I then got the privilege of paying the spread on an extra 6 contracts to close it out.
Worse than backing a horse at SP, it doesn't run and you have to pay the tax twice!
If you read this far thanks for hearing me out...tried to explain it to the Girlfiend...she said I am an idiot - I agreed - but reminded her that I am a poorer idiot so she should get the drinks in.
IF you DONT understand the SYSTEM works DONT try to BEAT it