Gotta love ZERO RISK in the SP500 = $$$
- Thread starter makloda
- Start date
What will you do with that powder? Buy or sell?
It will depend how low it opens. I have ADI. MCD, TZA. GLD and SPY in my list now. Nothing else. Lets say SPY opens at 197, I will sell 189 weekly PUT with absolutely no stop. Not 5000 contracts. Only 4-5 contracts which should give me $500 for the week. Then sell my favorite 18 naked Call for MCD and ...... and then relax.
I will also sell covered call 113 for my GLD.
I believe a few times that market dropped in the last couple of weeks and then bounced, were because of brave knife catchers. When they realize that the problem seems worse than they can catch or handle, market will lose its floor and will drop more until it give evidence beyond doubt that it is time to buy. I believe we will have more watchers than buyers in this market.
Blah blah blah...well off the lows by lunch...same thing over and over.
Let's just say that I sold SPY puts two Fridays ago, and I am glad I hedged it. Not time to relax because at Monday open, I would be wiped out.
ascending triangle on the 5m ES chart, holding on right now but looks like it wants to break lower
I agree. I see way out of the money puts. still can easily be wiped out. I have cash to be assigned the shares. That trade is in IRA account and is cash covered PUT. The strike price is 190.
Relax, won't be long now, Well off the lows within the hour