This week was a week of metamorphosis. I sold almost all of my put positions at the beginning of the week, and bought and added call positions in the later half.
Today I added to my position in SPY calls.
Its obvious I closed my put positions and entered my calls at least a couple days early. Next week will determine if it was a mistake, or if I correctly anticipated an upward market move.
Owning calls the past couple days was rough and watching the market continue to trickle down was painful. However, the little rally at the end of the day, even though it was only some short covering, allowed me to close out the week on a positive note, and has renewed my optimism that we will get a more sustained rally next week. I have already learned the hard way that sentiment can change on a dime, and I anticipate something will change market sentiment for the better very soon.
I'm putting on my rally cap, and will be ready for next week.
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