Placed my first spread trade for Oct 09 expiration. I feel like the market is due for a little pull back off some profit taking. I'm loving the SPY chart right now as it looks like it has hit its peak and starting a nice little pull back.
SPY 109/110 Bear Call Spread with ROI of 28%
The next two lower resistance levels are about 105 and 101. I will be watching this trade closely. If we bounce at 105 and start back up I will probably exit this position quickly as I'm hoping we fall through that support line.
If we break through 105 and hit the 101 support line quickly ( within two weeks ) I will be looking at selling out of this position for a smaller gain and possibly opening a Bull Put Spread if the market looks like it is ready to rally back.
No comments:
Post a Comment