SPY – Correction Incoming

Chart Details
Weekly view shows price touching 10WeekMA.
Price cross below 10Week should confirm downtrend correction.
Gaps to fill down to $294
Stop $325
Target $300

Opinion – Coronavirus will increase and so will the bearish sentiment.

Money Patterns member alerts for this trade had 40%+ next day returns.

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Currently up 34% on Feb 14th puts, signaled by MoneyPatterns. :)
+1 Reply
MoneyPatterns tuparkshakur
@tuparkshakur, Thank you for all your support bro. I expect this trade to be over 100% returns before expiry realized.

First case of coronavirus reported in New York today. Good luck finding every person which was in contact with them in NYC - Jam packed in NYC.
Coronavirus is supposedly 2.5x more viral than flu (easier to contract).
Bad news - people will die.
Good news - those who live will have increased immunity hopefully passing this to immunity to offspring.

We were almost shook out of this position with seesaw market - down 40% on same day entry, bought into weakness lowering entry from $4.40 to $3.99 (10% price improvement).
Next day same entry had 117% price swing. Very hard to time this market or stay in without stops getting hit.

My well wishes are with everyone.
+1 Reply