Take a look at the daily and weekly SPY charts below. It sure looks like the SPY took a dump…
Below is the daily SPY chart:
Below is the weekly SPY chart:
Just bought myself a starter position on TZA and SKF.
Unloaded some of my long-term position to lock in profit and to protect my YTD gain of 17+%.
Current cash position is 82%
10 Responses to Did the market just take a dump? No wonder it’s kind of smell…
About 90% cash here.
130 SPY needs to test and hold. If it does, I will be selling OTM put credit spreads on the generals of the market like PCLN, CMG and AAPL for probable rally into holiday / earnings.
Hope you do well with your spread option. I am not familiar with spread option and probably will never pick it up. I prefer a straight forward buy or sell of stock or call or put options. It is much easier for me to work with since I don’t like to think too much when I’m executing trades.
Bought starter position (put options) to short JPM.
TZA: place stop below the mid-point of Friday low and Monday high.
SKF: place stop below the mid-point of Friday low and Monday high.
Stopped out of my TZA starter position as well for a small loss.
Currently no position except for 10% remaining of my long-term holding. Yes, I sold some more long-term holding today. Basically, I’m 90% cash right now.
Added TZA and SKF
Added some more TZA.
All additions come with a stop below intra-day low.
Stopped out of my TZA addition for a small loss. No Ouch! here either.
Stopped out of the SKF addition for a small loss. Still holding starter position.
Stopped out of my SKF starter position as well. The loss is small so there is no “Ouch!” here.