Yep. Today I sit back and don't have to even think about the markets as I have as much capital in play as I can at this point...all in. My targets for the active trades are all over 6% ROR.
Now I will keep an eye on the S&P500 levels but only out of curiosity. Today I expect a sideways day after yesterday's steep drop or even a small rally to re-coupe some of the losses. There was lots of volume to give the down move some credence and even though it could keep going down I expect that it is unlikely. Even if it does I have the bottom side of my trades fairly far down...under 1100 anyway. Worst case I may close out the puts and leave the calls to run...I would add more calls to the mix should I end up doing that though.
So, it probably will open with a small gap down, watch for the gap to close and the rest is up in the air. If I were daytrading SPY I would go long if the gap is an appreciable size.
Having said all that I have had a bearish outlook for the last while and this sort of justifies it. Even so I really don't have a real bias one way or the other as the price will tell all and that can only happen in hindsight anyway. Wide spreads, both sides... best possible setup.
Jeff.
Questrade, My direct access discount broker.
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