The S&P 500 topped at 3481

Rolled ES to Dec contract


Still holding short SPY calls 350-360 strikes that have eroded 88+ % since sold



3281 SPX still in play

 

Just covered my ES short at 3232.5 and all shorted calls


This is where the cowboy rides away

 

Why?

 

Bought 3226 and 3225 ES

 

Added 3224 and 3223


Stop 3100

objective 1 is 3304

2 is 3403

3 is 3580

 

He expects a bounce from here.
Could happen, I doubt it tho.

 

After netting 324 points on the short I’m wiling to bet 1/3 of my profits that shorts get smoked from here

Maybe I’m early


Maybe I’m wrong

But in the end all I can do is take my shot and control my risk and let the probabilities play out like they always do



now bounce with me

 

Cue dead cat.

 

I’m bullish for the week, too. But I think there’s more downside to come following that, i.e., next week.

 

He doesn't have to expect a bounce. He covered a short position -- that would be rational if the expectation from continuing to hold was $zero or $negative. A lack of further decline does not equal a bounce.