Wednesday, October 28, 2009

Bookkeeping: Covering Short Exposure at S&P 1055

I will consider this trade as "exceeding goals" - S&P 1070 to 1055 in exactly 24 hours.

As outlined an hour ago, we are covering both the 3x inverse ETF and selling our puts into this downdraft.  Since my Investopedia feed has a 20 minute delay in terms of updating prices I'll cut and paste how the positions look in about 15 minutes.

From here, my leanings are to go long but I want to see what the market does here after the gap fill. Again, if this is the start of something bigger (down) we'll just get back in short exposure below S&P 1050 (a break of the 50 day). But I'd expect the bulls to show some fight here in the lower to mid 1050s.

EDIT 10:30 AM - the TNA short executed before I could take a screen shot but effectively a 5% return; snapshot of the option trade right around where sold below.

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