People staying light ahead of AA report
ES Journal Archive (2009 - 2010)
- Thread starter Jahajee
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People staying light ahead of AA report
1/2 that out, 1.75
I bought the SPY 108 put with this Fridays expiration. I like buying near expiration since the options have almost no time value, but just enough that if it turns into a bad trade, I can get out without too much damage.
If Tue is extremely bullish, I plan to add one more put at a higher price. Target is double the cost of the option.
Stop loss is price of put, but plan to get out before end of Friday. While I was in my previous trade, I was watching CNBC and they stated that consumer has too much debt anyway to take on more debt in order to help the recovery.
I am happy with the my previous trade in that I waited for the better setup, which is why I think last week I had a bad trade in that I did not wait for the better setups and took a weak setup. I am also happy that it showed my automation was working correctly and that the trade does in fact have a higher probability of success.
If Tue is extremely bullish, I plan to add one more put at a higher price. Target is double the cost of the option.
Stop loss is price of put, but plan to get out before end of Friday. While I was in my previous trade, I was watching CNBC and they stated that consumer has too much debt anyway to take on more debt in order to help the recovery.
I am happy with the my previous trade in that I waited for the better setup, which is why I think last week I had a bad trade in that I did not wait for the better setups and took a weak setup. I am also happy that it showed my automation was working correctly and that the trade does in fact have a higher probability of success.
AA's actual numbers don't really matter, it's the guidance that people wanna hear. If they give great #s and a shitty guidance, those Aug SPY 100 put open interest will start to make a lot more sense. Great guidance will be the catalyst to rally and dethrone the double dip theory.
Apart from a long last week after Tuesday's move, nothing else tickles my fancy. I'm just waiting for this old hag to tell me where she wants to go.
-today's open closed the June 28-29 gap on all the indices. the last four day's volume has rivaled new year's eve levels and decreased every day on the es. this is a great opportunity to be short. i sell 74
i stop 86
i stop 86
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