seems like SPY will get consecutive selling

Discussion in 'Trading' started by mikeenday, Nov 17, 2011.

  1. mikeenday

    mikeenday Guest

    from now.
    maybe 7-8 days straight.
     
  2. We are in a range right now, lower end.

    SPY should follow SP. SP key suport 1120.....top of the range 1170.

    Trading near 1130 now. I see zero indication of any sell off that is significant until we break 1120 on S&P. Range bound chop. If anything...buyers could come in at this level...
     
  3. TILT2

    TILT2

    from 1120 to 1170? Not from 1220 to 1270?
     
  4. mikeenday

    mikeenday Guest

    we are in no-man's land today.

    3X bull ETF is your friend, short TNA/FAS when you feel comfortable.

    nothing to worry about, I didn't even put a stop for my TNA short.

     
  5. I sold the 117 puts last friday for 2.58 the december one 20 contracts
    Sold the 126 SPY dec calls for 2.05 10 contracts friday
    and 10 contracts of the IWM 68 december contracts for 1.82 friday

    Although I should have sold the puts this monday instead I thought the super committee failure was priced into the put premium on friday :)
     
  6. =========================
    Well TT2;
    Time frames may differ, so more than 1 or 2 answers can still be a good probability.

    SPY areas from $112 area to 128 have been important.:cool: Non of this is a prediction.:cool:
     
  7. JohnOrr

    JohnOrr

    Just testing the waters. How do you guys come up with support and resitance prices.

    Are they profitable?

    Thanks in advance.
     
  8. mikeenday

    mikeenday Guest

    my correct read on SPY movement is close to 80% now.

    most important is that I been holding SPY/QQQ puts all the way, and got rewarded. Closed SPY puts today, keeping QQQ puts. Shorted FAZ to hedge QQQ/RIMM puts, & GPRN short.

     
  9. This is a very very good call, and the second time you made it!