So I'm seeing that it's far above the 150 SMA but looking at Chart it looks as if it were going to rally higher.
My guess is that it will remain flat until tomorrow and then next week we should reach 400 and then probably do a hard dive and raise the VIX enough so I can sell credit spreads. I would expect a drop tomorrow after midday for weekend profiteers. Since the VIX is low then there's no money in selling options but buying spreads seems like best bet. I'll probably buy far OTM Call Spreads for a little profit. If it looks like it's going to tank then I'll probably do Put Spreads. I hardly ever do Naked Puts or Calls because it requires more capital and if it goes the wrong direction I don't like to have my money held up for a long time.
In any case it's kind of hard to read what the SPY will be doing today so whichever positions you take make sure there is enough volume and account for managing positions.
I'll try to post more as I see movement.
Godspeed traders!
My guess is that it will remain flat until tomorrow and then next week we should reach 400 and then probably do a hard dive and raise the VIX enough so I can sell credit spreads. I would expect a drop tomorrow after midday for weekend profiteers. Since the VIX is low then there's no money in selling options but buying spreads seems like best bet. I'll probably buy far OTM Call Spreads for a little profit. If it looks like it's going to tank then I'll probably do Put Spreads. I hardly ever do Naked Puts or Calls because it requires more capital and if it goes the wrong direction I don't like to have my money held up for a long time.
In any case it's kind of hard to read what the SPY will be doing today so whichever positions you take make sure there is enough volume and account for managing positions.
I'll try to post more as I see movement.
Godspeed traders!
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Well that totally went before I thought! Expect more of a drop though! I'm probably going to throw in some credit spreads if VIX gets high!