Tuesday, April 27, 2010

Bookkeeping: Sold the Remaining 50% of SPY Calls as Rebound Does not Appear

I sold the 2nd half of the SPY puts (edit: calls) as there appears to be no miracle coming in the last 90 minutes. Main logic here is not to compound a mistake, go back to cash aka a clean slate and start anew tomorrow.  In the old days I'd also list overnight risk but since almost every morning we are greeted with positive futures it has not been a risk very often the past year+.

From here the only drama is to see if S&P 1194 will hold on the close.  If not, the first close below the 20 day since mid February.

Despite the drop today, it still remains a market that only seems to fall when human emotion is involved... if there is no specific news event, we just grind up.

[Also sold the TNA ETF]


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