The S&P delivered part of what I was looking for yesterday, a correction that was entirely retraced and went as high as possible. 1202.38 to be exact. It was an impressive squeeze. Not quite to 1204.40, but close enough for a retest.
The retest failed late in the day. There may be another retest today. If so, I'll be looking to add to my short position if the internals cooperate. If 1202-1204 is exceeded on strong internals, 1220 and 1230.71 quickly become targets.
I spent too much time writing yesterday and not enough time trading. When I did trade, it was a knee-jerk short (SPXU) at 1181. Pretty careless, but at least I kept my bet small. Right at the close, I hedged it with SSO.
The new SPY weekly options for next week's expiry just listed this morning. I'll use them to trade around these positions.
Futures seem a bit frenetic in the last hour. With Quad Witching tomorrow, this will likely continue to be the case.
No comments:
Post a Comment