US Equities Setup for Correction

Chart says it all. Went oversold at support, closed the gap from 4400. Headed higher, until it isn't.
Gonna retest ATH and double top, then rollover into correction IMO.
Gann's fan gives estimate of new final channel to ATH after correction.
Trade at ur own risk, GLTA!

تم فتح الصفقة:

See related posts in blow-off ATH idea. Holding 5 spreads each SPy QQQ IWM calls.

تعليق:

Adding to position on the relative weakness midafternoon; shorting put spread Oct SPY 437/416s

تم فتح الصفقة:

Closed it out EOD on the rush for exits. Might pullback a bit before higher. If it gaps up I missed it. I like cash!

تعليق:

Side note: Selling vertical call and put spreads has been disappointing. Made money on them but nothing like the risk assumed to enter. Today made 3c off oct put vertical spread, idk hth this is possible, when I buy the damned things they just melt, today these held up really well and i just rage closed them, lol.

Selection of strikes and spread legs is critical IMO. The long leg should be pennies, really worthless, the purpose of it is to control your margin required. The short leg should be as much as you dare to get; optimally, selling ATM strikes yields the highest premium but also carries the greatest risk of exercise.

Never sell a spread for more than you can assume exercise. Once these get ITM you can be served notice of assignment at any time, very inconvenient, many horror stories.

Typically I sell a 30 to 60 day $15 spread ~$15 OTM. You can certainly make money off dailies on day of expiration but it's just picking up dimes in front of a speeding train IMO. If you short ten .25c puts and buy the .05c out contract on a $10 spread, you're risking $10,000 on margin to collect $200. I don't do dailies.

تعليق:

Futurz NOT acting like rally on, feels like a reaction wave and more bear to come IMO

تم فتح الصفقة:

Flipped in and out of QQQ puts in AM, back in cash. Short the rallies IMO

تعليق:

Flipped some calls on the retrace. Watch and wait IMO

تعليق:

Flipped more SPY calls from -37 > -27 lol, so dicey atm!

تعليق:

Tried the bottom fishing trick on SPY and QQQ, made tiny beer money, too much risk IMO. No bounce in it, might rally a bit in PM, short if it does; triple witching Friday!

تم فتح الصفقة:

Made a bit off one more scalping on SPY. Got a 50% retrace in QQQ. Probly a short entry IMO.

Writing a bear put spread oct 376/366 diagonal.

تعليق:

Got into Oct 378s spread vs next weekly 366s for $7 net debit, ten spreads. +bought ten VIX Oct $19 calls @3.30

تعليق:

Shorted Nov 457 SPY calls VCS vs 472s for net credit $4, ten spreads. Bought IWM put spread Oct 222/Sep 212.5 net debit $5, ten spreads.
IMO the retracement intraday was short entry zone.
This is not a bullish market, we made bank off Weds rally and see how it fails!

تم فتح الصفقة:

Well well well, fgs mad dash for exits, a short-covering rally tbs; holding/adding; rolled the short legs up in bear spreads to Friday exps for credits. Triple witching...

تعليق:

An inside day. Picked up some bear shares, SDOW, SQQQ, SPXS, TZA. These don't expire but do suffer decay, hedged all with covered calls.

تعليق:

NB: SPX rejected repeatedly at 4486. Looks like a bear rally. Holding shorts, bought ten cheap calls for insurance!

تعليق:

VIX picking up again after brief excursion below $18. Now in 50 Oct $19 calls.

تعليق:

Small caps, DJI giving it back. As usual the rally appears to be mostly in megacap techs, a MOMO move.

Going into the close looks like a B wave bear rally, choppy and tentative. VIX rising. It's not bullish.

تم إغلاق الصفقة يدويًا:

Sold it all. Watch the bastards bounce it now.

تم فتح الصفقة:

Msde bank off daily calls on the midday bounce. Shorting puts on the deep dig in Oct 430/400 credit spreads for $3 net.

تعليق:

Used the credit to buy weekly calls in QQQ 374s

تعليق:

Loaded up on calls EOD. Would not be short here! It won't do this twice, feels like an endgame move.

Bear momentum peaked on triple witching IMO.
Next move: Big Bounce IMO