that could ultimately cause a "melt up" above 3100.
The current move down from the all time high of 3097.50 on 11/7 is "corrective" to my eye
No surprise here here ....
that the current small pullback is being accumulated by traders with an "urgency" to get in,
who want lower prices for an entry point.
traders who think we may be topping here
are failing to recognize the potential for a "melt up" in price
,.. at any moment.
This continues to be a market you do not want to short right now
Rather wait ! ,, until real support is busted.
Then go in ,..with all you got.
Thank you very much
Selling puts and calls, if you know what you.re doing,
is one of the best ways to create a constant income stream,
while potentially capping your loss.
Market is very tricky right now.
If we get to 3124 I'll sell SPY Dec 325 calls spread against 330s for a $5 credit spread. The trouble with these spreads is, your short calls can easily get into the money and cause you real grief, while the short leg of the spread doesn't really help b/c typically these are penny contracts that simply dwindle to nothing. The purpose of it is to reduce margin requirement and cap losses at less than infinity, lol. It really hurts badly when those rascals get ITM!
I never sell puts on credit, market takes the elevator going down and you never know when it leaves. Damned scary!
I do short naked puts on stock I'd like to own, a cash covered short.
That's very kind of you to say.I'm touched. Thank you..