Also because I went long XSP puts last week.... If you guys learn nothing always fade my positions when I go long S&P options...
That really is something we can take to the bank, isn't it. Maybe we should put that on our lessons learned list
LOL Indeed, any strategy with more than one leg is a spread. True, this thread has long since ceased to be a journal of Phil's credit spreads on the SPX, rightly or wrongly. However, you may have a wider audience for feedback and insight on RO if posted as a new thread. No complaints here though. Having said that, I think I have harassed this thread long enough. New year, new thread. Appreciate all contributions from folks over the months. Any suggestions of other forums/threads with high quality content and lack of egos much appreciated. MoMoney.
I think the main thrust has still been on credit spreads on the SPX and all the tangents have just deepened the discussion and is surely welcome!
This is what I call a nice reversal from the bearish breakout. [see chart attached]. Since the SPX spiked its head back above the support line on strong volume/news, then the bullish trend has been re-established and I still stick my puts only trades for JAN and FEB. I will be taking off that XSP directional trade as well until the market breaks back down below the support line.
Coach, This 20 point run-up looks like a head fake to me. Think we will be testing the 1275 range tommorrow ?
20 points is quite a head fake LOL. We may have some nice profit taking but unless it moves back below that support line, it is still bullish. Market got the news they wanted and ran with it. I did not see much weakness at the close so except for profit taking I see no signs of downward pressures unless it re-tests that support line again.