Tuesday, November 9, 2010

Bookkeeping: Bought SPY Puts

I am going to try to tightrope a short side trade with the S&P finally breaking 1220.  Goal would be maximum the 13 day moving average (currently 1200 but moving up fast) but I'll take anything at this moment.  Stop out will be a move back over 1220.

I am using a 5% allocation; I'll be out of part of it before end of day due to size.  Using November SPY 123 puts.

Tons of reversal this morning in the Chinese junk stocks that have been rallying non stop for 5-6 weeks.

Frankly there is no way a market should reverse down like this, and then reverse back up at the end of the day but I expect the unexpected in the abnormal market.

Long SPY Puts in fund; no personal position


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