I will try this breakout purchase of SPY calls once more; this time I am going with the November 119s over yesterday's 118s. I did a 4.2% exposure and will use the breakout level of S&P 1185(ish) as my stop... often the past 6 weeks I've been quickly stopped out, and then within 24 hours we are back to the races as HAL9000 makes me look human.
For those keeping track at home the 13 day moving average is up to just under S&P 1170.
We seemed to react very strongly to what looked like very average economic data released at 10 AM, but in a buying panic nearly every news is a reason to buy. There's no party like a Ben Bernanke party.
In many ways this market has become extremely boring as it is no longer 2 sided.
Long SPY calls in fund; no personal position
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