Replies to post #30626 on SPDR S&P 500 (SPY)

[Footquarters]

Hi learnin





Might be right?????? LOL Since we broke 1490, I have my bear claws on, I think we bounce on Monday.... and as long as we stay below the 1500 level, I will be shorting most everything on strength. Oil looks like a top, so may buy some DUG for a counter move. Bank's fundamentally have a trillion dollars of paper that is worth .33 on a dollar. So I am not convinced that this is a bottom. Banks usually lead the Dow and SPX, so if we are going to correct to 1260 area, which seems in the cards, then I would stay clear of them for now. We are at 2003 levels now on the BKX, but wouldn't take much more to get us to the 2002 level and a do over...... for them. It is interesting that Tech corrected 10% in two weeks, so where that money goes will be interesting to watch. The banks were up yesterday, suggesting a disconnect or bullish stance in the banks in the near term, but they are in a bear market, so until they break the 200 day on volume, you have to wonder.

[gloe]

Sell puts. You will get a good premium. If the stock is not put to you, you get to keep the premium. If the stock IS put to you, you have bought it at a discount.

The only problem with this strategy is if you REALLY want to buy the stock, as the stock may not be put to you.