MrNeutral
Short

A very "gappy" month...fill final gaps then back down.

AMEX:SPY   SPDR S&P 500 ETF
148 0 5
6 months ago
Sorry about all of the lines but I like keeping 3 months of support and resistance lines on my chart. I change the color each month and will clean up a bit with July here. Anyway, the Yellow ovals are gaps that I will be watching for fills. The light blue were ones that I consider filled. If the yellow gap from June 23rd fills today I will consider myself a cautious short. IF the gap from June 9th fills I will be a more confident short selling more vertical spreads in the (213-217 range, 45 days out) depending on premiums. The two gaps near 206 and 203 could easily be filled but I'm guessing more sideways movement before then.
I am totally in cash right now waiting for what looks to be a good opportunity to short. I like to have holiday weekends be less stressful so I may just wait until next Tuesday to see what happens. Good luck all.
6 months ago
Comment: So the first Yellow oval gap closed and I opened a couple of SPX - Vertical spreads up near 2145-2155 in Aug 5-12 areas. Now I wait to see if it continues up to close the gap back from June 9th area. If it does I will open 1 or two more spreads and hope things settle back down. If things go too far up into the 2145 area I will have to rethink my tops and possibly roll some positions up. But if they go down far enough I will create my usual Iron Condor at positions below 2000 if the premiums are worth the risk.
6 months ago
Comment: Because we gapped down today and I was able to make fast money for a weekends worth of trading, I got out of all of my spreads this has happened to me before where I waited too long and then the market goes right back up to cover that opening gap and then up even further. Sometimes when things go your way you just take the profits quickly. I am now all cash again.
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