$SPY Analysis, Key levels & Targets
$SPY Analysis, Key levels & Targets
Not so much an analysis this time as a position update.
Who’s having fun?? I’m always having fun, even thought this has been a messy messy year….
I am still expecting a bounce off of the 180EMA here (labeled - purple) … and I wouldn’t be surprised to see a holiday rally into the weekend. Today, even with how brutally the quarter ended, showed a little bit of strength in certain places. - just a little bit/ with equal amounts of weakness.
I am still holding 30 sept 360 calls
Bought at 56.14
So far I’ve sold 7.55 in premium against it
Which brings the cost basis to 48.59
Current option price 30.11
Current hedge (closed today)
30 Dec 441 puts
Bought 2 days ago at 56.32 —> 66.94
Sold 6 July 378 put at 2.24 —> 5.26
Which gave me a profit of 7.60 on the hedge in two days
I’m playing this entire trade out and hedging where appropriate.
The only other hedge I had under this play was a +6.25 win, and that one was just a 1 day hold.
So WITH the hedges (which I don’t truly calculate the call side profit with the hedge, but if I did the cost basis would be 34.79… so still down (15%), but not as much… with 92 days to go… (you think I’ll pull it off??)
Hope y’all like numbers for todays update…. It was very number-y (and wordy 🤣)… kind of glad I don’t update all of my positions like this because whoah… I would never sleep.
One day at a time, y’all…. and if you read that all the way through... i commend you. It's way too late for so many words.
Not so much an analysis this time as a position update.
Who’s having fun?? I’m always having fun, even thought this has been a messy messy year….
I am still expecting a bounce off of the 180EMA here (labeled - purple) … and I wouldn’t be surprised to see a holiday rally into the weekend. Today, even with how brutally the quarter ended, showed a little bit of strength in certain places. - just a little bit/ with equal amounts of weakness.
I am still holding 30 sept 360 calls
Bought at 56.14
So far I’ve sold 7.55 in premium against it
Which brings the cost basis to 48.59
Current option price 30.11
Current hedge (closed today)
30 Dec 441 puts
Bought 2 days ago at 56.32 —> 66.94
Sold 6 July 378 put at 2.24 —> 5.26
Which gave me a profit of 7.60 on the hedge in two days
I’m playing this entire trade out and hedging where appropriate.
The only other hedge I had under this play was a +6.25 win, and that one was just a 1 day hold.
So WITH the hedges (which I don’t truly calculate the call side profit with the hedge, but if I did the cost basis would be 34.79… so still down (15%), but not as much… with 92 days to go… (you think I’ll pull it off??)
Hope y’all like numbers for todays update…. It was very number-y (and wordy 🤣)… kind of glad I don’t update all of my positions like this because whoah… I would never sleep.
One day at a time, y’all…. and if you read that all the way through... i commend you. It's way too late for so many words.
YouTube Channel www.youtube.com/@spyderqueentrading (Almost DAILY updates, come play)
I am not your financial advisor.
I am not your financial advisor.