Tuesday, September 28, 2010

Bookkeeping: Long SPY Calls Off S&P Support Levels

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I need some turbo charge to make up for a weak 2 weeks, so I am going under the theory S&P 1131 will hold and have bought some SPY calls (SPY Oct 114 calls) as we test the lower end of this range.  My goal is maybe 10-15 S&P points if and when.... if the S&P 500 breaks below 1129ish, I will sell no questions asked.  About a 3.3% allocation.

Looks like the index is in a 19 point range waiting to decide which way it is going to break (1131 at bottom, 1150 at top)  Rather than caring which way we break out, I just want to see the S&P 500 trade towards the top end of the range at which point I could book some nice profits.

Long SPY Oct 114 Calls in fund; no personal position


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