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Profit taking

I decided to liquidate some of my positions in SPY and FFIV. SPY started to diminish due to time decay so I decided to sell my puts and I will buy November puts since the market is slumping down. I will see at the end of the trading session today.

Change The Way You Trade Forever

Definitely the market broke thru its support today. Let’s see if it stays there. Before the end if we stay below its original support (now resistance) I will buy November puts to ride this market further down to $100 level where the next support is.

We are definitely breaking the consolidation pattern, so hold your breath & hats, we are going down.

FFIV doubled my money (investment) and I took 112% profit on this. It stalled at its support, time decay started working against me and in October there will be an earnings report published, so time to take profits. If it breaks support I might enter by buying new puts.

Happy Trading!

One response to “Profit taking”

  1. Rayford Muckelvaney says:

    Looks like I need to learn how to invest in the stocks to make some money too!

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