I think more upside is likely next week.
I made that statement at the library, Friday, while waiting for the old folks. Life in the fast lane.
It's an overly simplistic view. Obviously, the market can go up or down. I see the liklihood of a rally on any pullback.
As convexx said, timing is everything.
My position now is +1 ES 1990C -2 ES 2000C Sep monthlies. And + 300s SPY, -2 Aug 29 SPY 200C.
Just eyeballin' it, but it resembles a bullish short strangle in behavior. Any big move is not a good thing.
The bad news is, my hedging hasn't amounted to any significant increase to the credit and the loss remains. The good news is that I haven't messed it up too much and the ratio spread is in a little better shape.
If I decide to switch from CL to SPX products, I'll go 5x size on next trade. I like CL well enough, but it is limited in products. QM is OK, but USO bites. Last month I ended up short 5 CLs or cars as the big boys say. Well hedged, really fly-like positions.
Sept. looms large and I see the potential for significant downside in the stock market, but not yet.
I think that the Art of War says something like, make your enemy think that you are incompetent. Heh, heh.
Just watched a doc. on the American ghost army. It showed guys picking up inflatable Sherman tanks and putting them on Jeeps. 'Dozers were used to mimic tank tracks. Camo netting was all over with a few of the dummy tanks just sticking out. Radio trans. and loudpeakers were used to mimic the noise of armored formations. Their goal was to draw German fire, while the real attack came elsewhere.
