bought 120 SPY puts

strike @200, June/July/Aug.

 

After yesterdays doji on the daily, price will usually need at least a few more days to provide some sort of failure before beginning a down move, IMO. Therefore, you could have saved yourself a bit of time decay. Hope your ability to read price is better than mine and good luck

 

Reason?

 

And why ITM options?

 

i see triple top.
or triple bottom in some others eyes

 

cheap way to short SPY shares.

 

http://stockcharts.com/h-sc/ui?s=spy

A piker's bet:

With SPY at 187.75

Jun 192/187 bear put spread for a net debit of $280


Price.....................Profit / Loss....................ROI %
140.25................... 220.00.......................... 78.57%
159.39................... 220.00.......................... 78.57%
179.55................... 220.00.......................... 78.57%
187.00................... 220.00.......................... 78.57%
189.20.......................... 0.00............................ 0.00%
192.00................. (280.00).................... -100.00%
199.70................. (280.00).................... -100.00%
219.85................. (280.00).................... -100.00%
240.00................. (280.00).................... -100.00%