I am short the SPY 113 Sep put expiring this Friday. Stop is cost of put, profit target I am looking for a 50% to 100% gain. Both stop and target will be affected by price chart of ES for Wed.
Pek - regarding t-days... notice how the market sold on heavy volume but is stubbornly staying GREEN (i.e. looking to close at or above yesterday's close). IMO t-day is more about painting the tape so the talking heads can say "stocks closed higher" all the time (like at least twice a week).
The position is currently 25% ROI, I see no reason to close it out with a nice reversal today which is extremely bearish. I actually expected we were going to close near 1121 on the ES which is when I bought the put or I would have shorted the ES also. Anyone long is now trapped, and I hope to see more downside on Wed.
So no Tidiot trades today from anybody? Actually today WAS a decent T-day (although ended as a Doji) but nobody really captured the morning's 11 pts move I guess. If we only talk about it but nobody trades it then it is as worthless as if it wouldn't work... I apologize if somebody on my Ignore list actually posted a T trade... For me the long entry would have been the first green 5 mins candle of the day.... I don't really subscribe to the notion of THEM doing something in unison... A bunch of computer programs might act together, but it isn't like a conspiracy or something...
We agree. Like minded people with similar interests are likely to behave similarly... no conspiracy meeting required. I also think self-fulfilling prophecies abound in the markets... especially now with every guy and his dog overfitting past data and then doing algo BS with it. RE: t-day today - I trade with the trend with shorter and shorter holds until I reach a point where I sit on my hands. We are at a sit on hands moment so I am only looking on the short side for trades.