At this point (24 Sep), the market has been across sectors. H's price movement has not fallen significantly vs the other more speculative sectors like tech. Since 17 Sep, price has dropped -13%.
- I placed a naked put at Strike price of 45 as it is near a key S/R line.
- Despite the past few negative days the larger trend is still (Yellow line)
- RSI is also at 40 which seems to be the average low
I also like it that it is the opposite of my JETS trade as it acts like a hedge. This seems like a viable hedge strategy as I can win both or lose one where the other will mitigate that loss (To an extend). Another hedge thought would be to potentially buy a cheap OTM Vix put or call. But let's see.
Sold 40 Calls @ 0.45, Strike 45
BP block: 20k
Max gain - est $1800