Things are looking pretty good so far on the SPY short front
If you followed along in my post from yesterday, you may recall that I mentioned shorting SPY.
You could either buy a couple month out puts, buy the SPY inverse ETF, or try and short the SPY shares outright if you are able.
So far, the trade is working out as hoped...
Check it out:
(Source: https://stockcharts.com/h-sc/ui)
Good start...
We got a nice big red day in the markets today, with the S&P 500 down about 3% on the day.
Which may not sound like much if you are used to following bitcoin and altcoins, but in the world of stocks a 3% drop is a rather decent sized move down.
We still need a quite a few more days like today to ultimately get to my target, but this was a good start.
Still looking for that gap to fill that is highlighted in the chart above at a minimum, which is about 10% lower than current prices.
Did you participate at all in this trade, and if so what did you buy/short?
Stay informed my friends.
-Doc
That's cool. What do you use? Vanguard won't allow for inverse trades.
Really? Sometimes you have to get special permission by filling out additional paperwork.
Etrade.
I find it hard to believe Vanguard doesn't support SPXS (inverse ETFs) or put options. You may need to just apply for level 2 options.
well yeah, maybe i'm too small time, but i tried to buy a position in an inverse product and they said they didn't do them
Yea, try applying for a higher trading level. That should do the trick.
Very nice trade set-up.
Posted Using LeoFinance
3% isn't that far out
I had cummaltive +36% price change on short calls since opening
Yes a 3% move in the market would likely be a massive move in the options market, depending on which options you were looking at.
Here is Sugar #11 from my calls on Monday, Sugar went from $9.70>$9.36 (-4.57%) on Tuesday to finish the week at $10.80 (+11.34%) for total price change of 15.38%
https://peakd.com/hive-167922/@theisacoin/progress-report-buys-1-day-profits-58