Michael.Larkin
Short

OPTION TRADE

AMEX:SPY   SPDR S&P 500
68 6 1
Thanks for your input, Will, it’s always welcome. It’ll be interesting to see how it plays out. Anyway, if I trade at all next week – I plan to stick with my day trades. Thanks again!
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You think it will open higher this Tuesday at the open?
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I honestly don't know. There's resistance at the 201.85 level, so it could go either way.
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william.paquet.5 Michael.Larkin
I see it as retesting The trend line acting as resistance, With that being said I have to say that we could be getting ready to go bearish next week - For this to hold water I would expect Tuesday to end as a spinning top type of candle. If that happens and we reverse Wednesday or Thursday - Watch out as that would complete the H&S Pattern on the Daily Chart and the Double Top on a Weekly - Just my two cents I will shut up now :)
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There's an upward momentum though.
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You’re right! At the time I placed the trade, I was hoping for a continued move downward since I was essentially in a short position with the ten puts, but it gapped-up and I was stopped out at the open the very next morning. Thanks for the comment!
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