Seeing all the ET bears (you know who you are!!) have been praying for this breakdown to occur I wonder how many have made any money. My feeling is very few simply because they dont actually do anything by nature and being the opposite to the rest suits them. Many are probably justifying it by convincing themseleves the move is a little overdone. HELLO this is what you cretins have been waiting for but no doubt you will miss it
Wow you give people a whole 18 minutes to respond then make your judgement. Hope your trading isn't that hasty. I am probably not the best to answer this question as I only day trade but I have been very bearish and have done quite well trading the equity markets.
Mate I am a scalper so 18 mins is a lifetime for me. Well done though the thread as you may have guessed wasnt aimed at actual traders just the knobs who talk a good game people that live on this board 24/7 and many of them I am sure would have seen the thread
Except for the Augie 1530-1490 put spreads I bought on July 17th for 7 and de facto covered for 33.25 (I legged out by using the 1490-1530 call spread) I've traded in and out. In fact I bought them last night leaning on this mornings cash low of 1420. I had a VERY important level there. Because of you and others being too bulled up I looked upon the rally this AM as a gift and sold half at 43 and half at 39. If the market hadn't exploded so fast I would have been content selling 37's. My short on strength trigger was 51. No such luck. So now I'm a modest short at 25.75 and trying to think of a creative way to use options. The high VIX precludes any mindless outright put buying. Verticals are risky because while I think we're going lower I don't know where we'll close in a month. It's hard to bank a great profit in an ITM put spread that has 3 weeks to go.
I've been bearish on housing and financials for quite a while and I'm making bank on this downturn. July was my best month in a long time, and August is looking good so far. I've had only about half a dozen down days since July 1. I don't mean to gloat or anything but you asked. A shout out to Covertibility, OldTrader and all the other housing bulls. How's it hanging? Martin
the last 4 weeks i've banked mid 6 figures on 870k of put contracts. actually i have around 200k left. i've been scaling out daily .i've been amazed at how much premium they've jacked in my options. 95% of my options are leaps. it was hairy for a while as i thought i was going to get killed but it worked out.
I wouldn't have described myself as a "housing bull".....but hey, I do own quite a bit of rental real estate, so make of that what you will. I didn't buy my real estate last year, or even the last few years. Some of it I've owned for 15-20 years. I plan to continue to hold it, it pays a good rental income. And by the way, it pays that income every month. By the way, I also actively trade ES and CL. I've traded stock index futures since the beginning. I had a very good July in trading. OldTrader