Buying Swing: buying SPY 117 weekly puts at .87-.89 OVERSIZ
Posted: Tue Aug 16, 2011 1:34 pm
Buying Swing: buying SPY 117 weekly puts at .87-.89 OVERSIZED and then shorted SPY 119 weekly calls at 1.42 area vertical trough SPY weekly calls at .61 area OVERSIZED the spread. On my formulas I see multi day negatives on the markets are clearing so started with first the long on puts and then now with confirmation am shorting the calls as to protect against sideways depreciation action. There is risk with more data ,core PPI tomorrow but with the markets bellow the old trend lines am ready to focus strongly bearishly already. Before the close we may short some further out puts, many 116 or 115, to tern the long puts position into a credit spread and protect against depreciation further.
This trade is one part of a larger strategy so please look back at Previous posts to see the whole picture. AND IF YOU ARE NEW, PAPER TRADE FOR AT LEAST A FEW MONTHS because this is ADVANCED OPTIONS TRADING !!
This trade is one part of a larger strategy so please look back at Previous posts to see the whole picture. AND IF YOU ARE NEW, PAPER TRADE FOR AT LEAST A FEW MONTHS because this is ADVANCED OPTIONS TRADING !!