The problem is the SPY went right to the put strike on the open.  I was right but way too early.

Now what am I going to do?

Put Calendars do not perform well too close to the money

If SPY does not move around, they do fine.  The problem is that if it does move the put calendar does not gain enough value to make it worth it.  I thought stocks would be quiet into the FOMC and they actually sold off.

My mistake was not placing  my put calendars farther out of the money. If I place them at the end of the straddle value, they have more delta and will perform better.  As much as I wanted the cheap put, the reality is the market is moving intraday and I need the room.

I did close most of the calendars for a .05 gain Friday and leaving a couple on for next week.  It is possible SPY bounces a bit so the put calendars will pay and my plan will come together.  I will replace it with a put vertical spread to manage if necessary.

It is better that I stick to my rule of placing the calendars at the edge of the straddle value, that way if things move, they will pay.  This is my 4th calendar in a row that is pinned to the put strike too fast.  The market for stocks is moving sneaky fast and I am just going with puts and put spreads here in the short term.

If you find my jargon vexing, the glossary is here.