Some of you have been talking this market long since 2720-2700 and you are asking if I am advocating right now to be short at 2650. This market will make its way to 2550 in next couple of weeks but lot of falling knife catchers I see
I was bearish from the high this morning down to 2668 so who are you taking about ? Hope you covered your 2650 short at 2643
Just for joining in, I did say I entered into an ES OTM PUT Calendar with 2550 strike looking for slide lower: For those not up on options this is a FEB/DEC 2550 PUT Calendar @ 33.37 (legged into thus the avg price). As long as market keeps churning lower until end of year or into January will keep selling short puts in the front end. Goal is to be at or near 2550 before end of month. Also to clarify, with futures options a rally tomorrow does not make this position bad, it is the overall direction not intraday prayer swings that matter.
I disagree You still have to pray about time So what does this position do if we hold above 2600 into January ?
Your first trade of the day posted at 1030ish AM was a long trade. If you were bearish since the morning tops why are you going long with a falling knife?
It's the nature of a bear market to stage strong rallies to entice buyers back in. Not saying any tops or bottoms are in or this is a bear market but this is how one behaves.