Real trade update

I had a pretty successful trade the last couple days and was requested to describe it on here.

I placed a real money trade in my account taking advantage of the Fed speech on Wed and the recent two day market decline. I knew the market was going to use the Fed speech as the catalyst for the next directional move. With the chart below showing the market where it was last Tuesday, my upward targets were approximately 1670 and then 1690 area. The downside targets were 1624 and then a retest of 1598.

Once the market turned bearish from the Fed comments I purchased 8 of the SPY Jul1 163 Put's for $1.53 per contract on Wed which cost $1,223. The market sold off into the bell to about 1628. I ended up with even better results than I had anticipated as the market continued to sell off past my first two targets the next day without showing any signs of bouncing.

I was able to sell them at the end of today for $5.23 per contract for a total of $4,424 for a gain of $2,960.  This was a 242% ROI in 2 days. Even though I think there is a good chance we could test that 1543 level soon, I chose to take the profits as the market is quite volatile and we have pierced the bottom Bollinger band on today's extended sell off. There is a goo chance we bounce some tomorrow or Monday.