Small gambling put on the SPY

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Jerome Powell gave good momentum in the market yesterday. I do not think this is enough to breakout of the bear trajectory. Market went emotional and soon reality will resurface. Inflation and interests are still high. Macro economics are not favourable. Money is still getting sucked out of the market. As time goes by, people have less money to invest because of higher prices. This is not really a pivot, interest rates are still expected to rise further. Maybe at a slower pace.. so what? Credit will still go more expensive. I went with a small gambling put on the SPY.

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This image represent the historic pattern of previous hits on the resistance line.



I am going to hold a little bit on this put. I expect more downturn from here. We pulled the top and we are going to ride it a little bit. I have some long term play so to me, im hedging a little bit. Trust me, I do not hold options for long usually. This put is a little different. Good luck. Since its a small gamble, I can afford to risk that. I would cut lose if it breaks out at any point tho.

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Put expire in March. So no rush. Expect to sell within a month or 2 max.

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Cutlose price. Any substantial close price above 410.

416 if you have balls.

Riding from here.

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For prudent investors, if SPY is trading sideways until example December 8th. Need to follow the 2h orange trend line for potential new Cut lose price. See example below.

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Are you guys still out there? Im still holding this juicy put. Ultimate best take profit target would be 360$. I might sell a little bit earlier than that. We are sitting at 40% profit rn,

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