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Yeah, we are now in a bear market.
What did you do with your 196 weekly calls?
Looks like the trend is down.
I set a limit sell order for my calls at $4.05. SPY pops, $4.04 gets filled, my order doesn't, then spy tanks.
Bought February 19th $195C for $3.78. Not touching weeklies, too dangerous.
Gonna wait until the first hour is over before deciding on a trade. Too many opening traps lately.
210 by January 22nd? That's next friday and next monday the market is closed. Not gonna happen. Spy was bouncing around in that 200-210 channel for months and now has finally broke down. It's not going to get back up that easy.
Edit: Just thought about October.
Sold calls at $1.95. Not worried, it's still early in the year. Plenty of time to make money. Not holding positions overnight with this much volatility.
Is spy just doing whatever oil does?
That's why I decided buy a month out calls instead of weekly. Too volatile. At least I won't lose that much theta on this drop and my calls can still recover.
Bought February 19th $198.00C for $2.74.
I agree.
Yeah, just bots messing around. I'm done for the day, it's just going to frustrate me to try to trade this. Will reassess tomorrow.
5 min chart looks like full bot trading.
Yeah SPY is not finding any support here, more downside coming.
Sold to close 193C at $1.82.
Bought January 15th $193C for $1.98. Could be a fake bounce but lets see.
Sell to close January 15th 192P at $2.26
Yeah I will bail if it turns around.
Bought January 15th 192P for $2.04
opening rally getting sold off.
Thinking SPY+AAPL weekly puts tomorrow should work.
On a multi year chart SPY is way overbought. So the logic of it being oversold here and having to bounce doesn't hold up.
Per my posts yesterday I was fully expecting another drop today, but sold my puts because we gapped up and the first hour the chart showed a bullish inside candle on the daily timeframe: I was expecting a gap down, so sold on the notion this could be a bottom. In hindsight the pre market sharp drop should of been the clue. I should have stuck with my original line of thinking. Kinda upset I sold this morning when I was so confident in what I was seeing on the chart this week, I made money but could of made much more.
Yesterday I posted this:
"Getting a clear read from the chart. This move down is not over. Getting calls here is a bad idea. We go down more tomorrow."
After today has finished I'm still getting a clear read and that is that we will keep dropping more, this move still has not bottomed out yet. I see absolutely nothing at all on the chart that indicates we go up from here. Everyday this week we kept dropping more and more and people on here would be like "buying more calls here" "buying next week 200 calls here" "averaging down on 1/22 calls here". Like huh? your averaging down on 2 week out calls while spy is dropping like 3 bucks everyday. seems like people are buying calls just to buy them when there is no reason to. I hope the BTD crowd really gets owned on this move down, because people are becoming so accustomed to the same thing happening, expecting SPY to bounce just because. I look forward to what happens next.
Sold next week 194P $2.27 to $2.07, now out of all puts.
Sold Feb 195P here $3.36 to $5.24, could bottom today.
let me know what you see on it.
Selling off pre market. Will be looking to get out of all puts today.
For anyone not experienced in trading options, IMO, averaging down on options is never a good idea unless they are at least 6 months + from expiration. Averaging down on common can be a good thing as there is no decay, but averaging down on options 1-2 weeks out is a recipe for major losses.
Bought next week 194P for $2.27 will hold overnight.
Still holding February 19th 195P bought at $3.36 which is now at $5.30
Getting a clear read from the chart. This move down is not over. Getting calls here is a bad idea. We go down more tomorrow.
Daily chart still signaling more downside. Unless we have a huge EOD rally I'm gonna keep holding puts into tomorrow.
Sold at $1.60
Bought 196p weekly for $1.47. Daytrade.
Good info, I did not know there was a selling restriction about to take effect. That explains what is happening and changes my outlook on the situation dramatically. This could lead to a big drop for SPY in the coming days.
Yeah I actually did write some notes on a chart but didn't post it here because I figured no one would really look at it, seems like people just post what trades they are doing without going to much into detail about what they are seeing on the chart, I will start posting charts.
I seem to have ruffled some feathers earlier so I will be upfront about what I am thinking. I almost sold my puts today around EOD. While yesterday the chart setup for todays drop was obvious (IMO), at the end of today I was considering today might mark a short term bottom. I decided to keep holding and just see what happens (a gamble).
So while my put buy yesterday was based on reading technicals and reaching a conclusion on what to do, from here I am not so sure. I didn't foresee china tanking like this again. Taking into consideration whats happening in Asia, I'm reaching a new conclusion that we will go into low 190's next week, and will be looking to keep holding puts and buying some UVXY common in the next few days.
Big trouble ahead for call holders.
Yeah I just bought some calls, next weeks 103C.
sell that now.
Finally it flushes, been waiting all day.