Option Millionaires

[retiredMM]

Bull Market Returns??

So now that I have almost sold all of my year end/new years plays (long into year end and short into the new year) and I have had an excellent couple of weeks, how do I stand and where do I/we go from here? Have we entered the next phase of the Bull Market or is this just a trap?

My thesis had been to buy SPY $200 (and other names when it got to that level) as the market was coming off the EOY highs and then sell the bounce at around $204.50ish. That is what I did. I was also planning to enter the Put trades at those levels but the market just felt too strong for me to enter there. I re-entered some lotto Call trades for tomorrow (AAPL $113C and PCLN $1092.50/$1095CS) for a continuation tomorrow. So does that mean I have changed my mind? Absolutely not!

So what is my next move? I am hoping for a gap up and continuation tomorrow so I can sell all of the balance of my call spreads and calls (except maybe 1 or 2) and I plan on entering the Put play again. I will short the market (SPY & IWM Puts and VXX Calls) and I will also buy Puts in select names like PCLN and GOOGL along with a few others. I think with a hard bounce like this we should have expected much higher volume. This to me means that the sellers have kind of stepped away to try and get higher prices. They will reach a point where they will step back in and I think that it may come sometime tomorrow or Monday. I will be ready for it.

I also stated that after this hard quick bounce that we will be going a lot lower. I still believe that. I think we see $197 first stop with a possibility we see $195 and an outside chance of $192-$190. When I enter the Put play I will be entering short and medium term plays as we may have a few weeks of volatility.

Good Luck to all.

Thoughts?