It appears the market is in a symmetric triangle pattern and will soon show itself bullish or bearish. Given the current market sentiment with the trade war calming and Trump's too-perfectly timed postponement of auto tariffs as the S&P was on the verge of tanking through supports (**COUGH* market manipulation *COUGH**), I am going to go against my bearish gut and what I think is clearly a bearish setup in the charts, and I am going to predict that we will see a bullish breakthrough.
Note: For the record, I owned puts on SPY when Trump "changed his mind" on auto tariffs last week, so yes, I am a little frustrated. Market manipulation at its best from a very sophomoric and whimsical economic policy.
Note: For the record, I owned puts on SPY when Trump "changed his mind" on auto tariffs last week, so yes, I am a little frustrated. Market manipulation at its best from a very sophomoric and whimsical economic policy.
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Ok, breakout was to the bears! My gut and what I saw in the chart was right but my bet was off. I have one open put spread for 6/7 exp. that I intend to roll back to a 6/5 exp and a little more in-the-money (in case I am wrong) once the market opens...I don't think it will take the 2 weeks I have in the option at this point to move if this is In fact a confirmation pullback from the breakout. We will see on Tuesday!
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I did the opposite of what I said. Opened the spread more and rolled to a later exp. Monitoring for more adjustment as needed and possibly another position.
