Wednesday, June 30, 2010

Bookkeeping: Selling SPY Puts as S&P 1040 Defense Firm

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Someone really wants S&P 1040 to hold today as shown in the early trading.  Despite the premarket action "buyers" came in immediately to push the S&P to 1040 in the first few minutes.  Until it breaks & stays there, I don't want to be aggressively short so I will be selling the put exposure from yesterday for small gains. 

Aggressive traders can consider going long above 1040 with a very obvious stop loss level. I will probably do some of this myself if things hold firm in the next 15-30 minutes.

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