Total open interest of ES yesterday raised a little over 300 contract. This means that we had a lot of shortcovering. BUT, It is kind of funny to say what market is going to do tomorrow. haven't you seen days with Bad news all over the place and market goes up or the other way.
I'll tell you in May. But I did double up today in the swing account. Couldn't help myself.... was salivating too hard.
Careful. Averaging down can kill you. With the market up so much today, we'll be short-term overbought in a day or two and you might be able to get out with a profit but we could also consolidate for a few days and move sharply higher which would really suck for your index puts.
Yeah... the beauty is I'm ready to lose everything I put into those puts. It's not a crazy huge position about 7K... and I really do plan to cover the 3rd week in May. So we'll see. This play is based on fundamentals and my belief that reality will kick in in the next month. If not I'll probably more then make up for it daytrading as this market has been pretty easy to trade lately (relentless bid). But as you know that can change in a heartbeat.
Why would you allow your stop/loss to be "time" rather than "price"? Doesn't seem to be sound money management.