ES Has Topped

Today, as things eased down to SPX 2540-ish, I rolled Oct20 $10-wides at 2565/75 to 2575/85, at a cost of ~90¢, and then paid for it with Oct20 $10-wides at 2515/05.

Although I really only focus on it as an after-the-fact consideration, seeing both the portfolio delta and the Oct20 positions' delta settle into ~$0 ±$20 -- mode was a good feeling.

(And so, yeah, I'm thinkin' that this ease-off is but-a-pause in our upwards path...., and I just made 10pts easy on top, and while I have new risk exposure on bottom, 'Hey! It's puts!' and in this market, they're just a boatload easier to roll. {Provided Kim Jung Asshole or Donnie The Mop don't do something tragically stupid between 'em.}
 
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Buy1Sell2 said:
My stop was a little too close earlier apparently. ES has topped again for a while. I am short again here at 2534.25. Initial stop 2545.00
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Just relentless. Good luck with your next call. Personally I just can't identify with the proposition of timing a market without confirmatory price action.
 
As I mentioned somewhere, this rise seems so wrong at this point. It is too much. Cannot place my finger on it. Definition of awry is here.
 
It's definitely a grind for shorts. But it only takes a 1% move to take out 3 weeks of gains. I feel like these tight ranges are just setting up for an explosion in one direction or another. I have long December 2550 puts in my time capsule. Vol is just anemic. Theta/vega are chipping away at the position right now. If there's a 1%+ down move I'll sell ATM puts to create a put spread. If not, I'm ok with taking a hit on the premium.

Call it a hedge for my buy-and-hold-forever portfolio.
 
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