SPY

Sold to close position SEPT SPY88 PUTS SZCUJ @ $5.15 for 18% GAIN.

SPY

Bought to open half position SEPT SPY88 PUTS SZCUJ @ $4.35. Will add other half if we close again below 200 moving average. This is an insurance policy in case of a drop down to $85.00ish within the next couple of weeks.

SPY

Sell to close SEP SPY90 PUTS SWGUL @ $5.20 for a small GAIN. $$

Underlying: getting gummed up here; hitting major support at the Daily 200. Will re-evaluate towards end of day for entry again.


I am still net short the market with SRS naked or cash secured puts and GS PUTS. Just want to see how this head and shoulder pattern will play out.

SPY

Buy to open a position SPY SEP90 PUT SWGUL @ $4.85. Order filled.

Underlying Targets:
Target of $87.00 then re-evaluate
Stop of $90.50

I did this based on the weekly chart indicators as general downside protection and hedge for naked or cash secured positions (excluding SRS PUTS).

$SPX SPY - Stock Market Commentary

The $SPX is now consolidating and heading to test key support levels. The $SPX closed below a steep rising trend line. Steep trend lines typically break hard and fast. This could set up to test the 860 support area, with 840'ish' thereafter.

If I see a close below 880, I will buy some AUG at the money SPY puts.

CLICK CHART TO ENLARGE

$SPX SPY Stock Market Commentary

I think the S&P will come to a complete stop at 900 today and will start to go down.

$SPX SPY Stock Market Commentary

I hope everyone had a great weekend. All of the trades for the May options expiration cycle were winners!!!

Speaking of Green Shoots; I was right on with the post concerning the end to this run up, albeit 2 days early (see original post CLICK HERE).

I purchased some SPY PUTS for protection last week because I think we could see 875 by this Tuesday and 830-840 by the following week on the S&P500. Once the S&P reaches each of these levels, I will re-evaluate and update you.

I will bail out of my NDAQ naked puts if it breaks down below $17.50 which I think it will. For the time being, I am safe with the CLF naked puts.

As always, I will update as I enter and exit positions.

Trade well!!!

$SPX SPY

I just purchased some SPY JUL87 PUTS (SZCSI) @ $3.85 for insurance/downside protection.

Update: Purchased more SPY JUL88 PUTS (SZCSJ) @ $3.73

$SPX SPY Stock Market Commentary

Regarding the previous post concerning the $SPX SPY, keep your eye out for the trading range between the yellow lines on the chart below. Towards the end of the day, look for any level below 887 and buy some puts for protection.

I would buy some SPY JUL85 PUTS as insurance.

CLICK HERE for previous post.


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$SPX SPY Stock Market Commentary

As long as the SPX (S&P 500) stays between the yellow channel uptrend, we could see the 200 period of 955 within the next 2 weeks. Use this as your trading guide. Any breaks above or below, adjust your trading accordingly.

Stock Market Commentary

Boy, was I wrong about the market direction. S&P at 900. Let's see where we close today.

Stock Market Commentary

Good Morning.

I still believe we will see a pullback to the low S&P 820's. Major earnings releases are done. This could lead to some profit taking. I am looking for some confirmation before I add more bearish positions.

The SRS trade is working well. Keep in mind, this is a bearish trade. If your option reaches $.25 this week, bail out and take your GAINS!!!

I will keep you posted on trading ideas during the week.

Stock Market Commentary

Well we managed to close above S&P 870. Closed at 873.

When the market reached the high point of the day, 'smart money' took profits driving the markets back down. But as the market came back down to 870, it became resistance. I still take caution here, but lean towards the bullish side.

I will post again tonight with some of my ideas.

Stock Market Commentary

Just a reminder though. Regardless of the Swine Flu news, I will trade this market technically. This is an update to the previous post.

Stock Market Commentary

Here we go again. S&P trying to bang through the 870 level. I think this is an important level. I believe if there wasn't the Swine Flu news, the market would take off higher.

Lets see what happens today.

Stock Market Commentary

Stock Market Commentary - The market keeps pushing at 870 S&P500 (SPY 87). It will be interesting if we push through on the close or not.

Stock Market Commentary

Stock Market Commentary - Looks to me that the market is running out of steam. The SPY is hitting resistance and much of the earnings catalyst that has driven the market up is over. If we don't breakout above the the 87 area, expect a pullback to 82 area.

If the market breaks out, a short covering rally will probably happen driving the market up to 92. If the market rolls over, bears will apply pressure until support at 82 is reached. That would form a higher low and it would be intermediate-term bullish. Either way, I believe the downside risk is relatively contained.


The SPY broke below the trend line a few days ago. Now it is rising to test it as resistance.

I think we should take a cautious approach at this juncture to see if the market rolls over or breaks out.