Buying SPY NOV CALLS

Strikes between 105 and 108, totalling 25K. I am looking for
initial down move before 10:30 am, then retrace, and down again. However, the main point is I want to buy on big spike down.

Am looking at USO and XLF calls. but I think USO may go as low as 70. Definitely will buy XLF calls, NOV 17 or 18.

 

Are you thinking that a bottom is near?

 

Yes, even if a short term bottom. SPX could rally back to 1200 before anothe turn down.

Look for FED intervention whether by the Plunge Protectin Team (PPt) or interest rate cut, more cash infusion etc etc

 

VIX is at 50. what happens when vol comes in?

 

SOLD 10 SPY NOV 100 puts @ 4.20

Bought 14 SPY NOV 105 calls at 7.55


Will buy more SPY NOV CALLS

and buy NOV puts if SPY rallies to 107 and above