So far a textbook day. The cursory bounce came this morning as the "bullet proof" bulls showed up. That move was faded... and now that the bulls see POMO 10:15 AM has not helped them, they appear to be in a slight panic. What, there is risk in the market? (EDIT 11:20 AM - reader says POMO actions today have been moved to 11:30 AM rather than 10:15 AM - so my thought process here is incorrect)
I was looking for the reaction after the predictable dip buying this morning, and it is negative.
I'm going back into SPY puts as a hedge - using November 122s and a 5% allocation. This trade worked out twice for us this week, and I am going for the third time as a charm. Indeed this could be a big one if we can break S&P 1200. Otherwise I'll cover over S&P 1205ish to make sure I don't lose mad money. A move to 1192 (200 week MA) or 1196 (20 day MA) would be peachy.
Long SPY puts in fund; no personal position
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