5/12 Recap

Well, that’s why I bought those puts yesterday, market finally looks like it’s breaking down, 3rd time in 3 weeks. We are well below the 8 day now, pretty terrible candle thus far unless wee bounce. Maybe this time is the charm, the market seemed to magically bounce higher my last 2 attempts at buying puts on a broken trend. I added more puts today and I de-levered my book substantially. I always tell you there’s a time to lever and that is in uptrends. That’s it for me. We have a wall of worry with the debt ceiling panic I think is coming along with the potential VIX spike that should occur. Maybe it doesn’t I don’t know but the SPY is breaking trend, again. I am long puts now and closed up many of my short puts. If you use too much leverage in a broken trend, you’re asking for the pain. I’m not looking for a crash, just a normal pullback that is all.

Anyways, as I always I wrap up early on Fridays and spend the day with the kids, here are today’s unusual options activity and I will see you in the morning with my best idea for the week ahead

85 Trades