I agree, but I should be clear in pointing out that I don't intend to buy gamma. I think we might continue up from here, but I don't think it will be the rapid climb that many of the bulls are hoping for. Fact of the matter is still that the economy is slowing down. Any growth should be nice and steady.
yes, loaded up at the open. 1350/1355 on the ES options average is now $1.95. That would translate to about 1343/1348 on the SPX at OCT expiry. the spx 1345/1350 was going for about $1.9 mid. You could've easily gotten your 1.6 fill if you wanted to.
Hey, I've been trying. But unfortunately I was tied up this morning and I didn't leave my order in overnight.
Today's Action STO 5 SPX OCT 1345/1350 c @ 1.70 Year to Date P/L Account Value: $15,724.50 YTD Gross P/L: 6,395.00 YTD Commiss: 670.50 YTD Net P/L: 5,724.50 YTD % P/L: 57.2%
You see SPX topping out near 1345? I also see the market losing steam after maybe testing new highs but mroe cautious in OCT then this wild run up in AUG and SEP. Have an order for 1380/1390....
You and I have a different style though. I don't want to start a debate because it has been done to death, but my style is in many ways opposite yours. You go further OTM to be more cautious. I get closer ATM to be more cautious. So we both probably have the same opinion on the market, we just guard ourselves in different ways. Both strats seem to be working fine, so I don't think either is inferior to the other. Anyway, I think that the Fed leaving rates alone is pretty much completely priced into the market right now. Housing is leveling off and earnings are mixed, but the jist of it is downward revisions across the housing sector and narrowing demand in the chip sector. Both of them have made a short term recovery on the grounds that they were oversold, and the big selloff in oil making everything cheaper in the future. Oil will only drop for so long though. It's not like we are going to drop to $40/barrel again, and this is usually the beginning of the bear season.
Not for a little bit. I'm out of sweat after this morning. I had a bunch of open shorts at 1325 because they were valuing them at like 0.50 at yesterday's close. I don't usually get nervous, but when I woke up to the futures +6.00 I started sweating. I just wanted the market to hurry up and open and it seemed like the clock had stopped around 9:25 EDT. I would've closed them out when I closed out the ones for this journal, but I couldn't get filled on all of them at 0.05 But hey, that's behind me now and it's time for OCT, so I'll get rehydrated this weekend.