Shorting Bam, broke down through channel, lower high and lower low, double bottom break.
it is trending with the spy but its more bearish. Put at $40 strike, $2.4 stop at $1.2, Delta - 0.76. EXP Jan 18.
Break even is $37.60
Target is $3.6 to profit $120. New strategy to take profit early instead of trend follow. High probability trade. Low Risk.
Downsides of trade. SPY could be oversold. It may rebound sharply into new year printing one more rally until FED Rate increase while sinking under tariff pressure.
Closed trade at 2.9 $50 profit. As SPY reverses with bullish engulfing. I will wait until the move up fizzles before re-entering in another position. Will take a long position elsewhere or SH short