rlim
Long

Trade #1, SPY

AMEX:SPY   SPDR S&P 500
25 0 0
SPY             @207.68 (-1.08% move so far)
Sold OCT             put spread 199/194 for .86 58 DTE            

I am treating this mornings move as an overreaction, taking the opportunity to place a trade farther out of the money with 199 strike.

I shouldn't have any concerns until SPY             reaches 199.
If SPY             reaches 204, I will enter another long position
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