The market waved losses at the opening and continued growing after yesterday’s sell-off. Looks like investors are at ease for now. It is understandable. I decided to get out of my SPY puts to protect my gains and re-enter later. Yesterday SPY didn’t get through its support level. The last 30 minutes rally pushed the market higher and the closing price was above this level. That may indicate that the market can hold this levels for some time or even push higher a bit. I will wait for confirmation to re-enter my puts on higher levels and get better entry.
Happy trading!
Investing…
[…]SPY puts closed on rising market | Hello Suckers …[…]…
Here’s a summary of why I can’t throw money at this rally: headline risk. I fully expect that tomorrow’s news, or the day after tomorrow, will contain some tidbits on Greece’s default situation, countries who might leave the Euro, and perhaps China’s slowing growth. All of which could initiate a 4%-5% selloff. Sure, technicals are pointing upward but there is way too much headline risk out there at the moment.
Options trading has never been easy.
Very nice opinion, bye.
Investing in stocks is always a challege no matter how much help you find online. Personally I see it as an art, you are either an artist at it and it comes easy or you struggle all you life with it.