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.
Wednesday, June 30, 2010
Bookkeeping: Selling SPY Puts as S&P 1040 Defense Firm
Best Of FMMF
- 1: Warren Buffet Piles on Europe
- 2: [Video] Jim Chanos Returns from Europe, Even More Bearish on China
- 3: A Chart to Open Our Eyes - Staggering Changes by Multinationals in Employment Behavior 00s vs 90s
- 4: Futures Blasted on Dexia Woes... and Poor Preliminary China Data
- 5: Market Working to Worst Thanksgiving Since 1932
- 6: Et Tu, German Bonds? Poor Auction Raises Eyebrows