Tuesday, March 31, 2009

S&P - Where are we going?? UP or DOWN?

I sold my RTH puts this morning. I bought these for 2.80, watched them go to 4.40 that same day, back to 2.20, and just sold them for 3.80. I had had enough and just wanted to take profits and move on.

I also sold my SRS position at the open, so now am out of my 3x stock, and am only in options. I will definitely go back to these instruments though when the time is right, as I made a few good trades.

I am undecided about which way this market wants to go, but I can definitely see SPY heading back up to 81.50 today, before moving back down. So, I actually bought some SPY calls this morning for a day trade. I bought SPY April 85 calls, 10 for .72 and 10 for .79. If S&P can get above 800 today this one may run!!!! OOOH, looks like this may be happening now.