SPY - S & P 500 Spider

[Grizzums]

This is getting right down here to support and I've got myself a straddle option play opened. I'm biased towards dumping my put position because I think we will see a bounce rally next week but straddled nevertheless because I am not entirely certain. When direction confirms from this pivot, I'll play one side and try and keep as much time value as I can although my position is July expiry.

SPY: Options for S&P DEP RECEIPTS - Yahoo! Finance

VIX

Good Luck.

[Grizzums]

I am still holding my straddle. I am s little green on the put side ànd red on the call side. I'd love to see bull capitulation here on good volume to sell my put side into but am not sure about volume in this holiday shortened week. If we get it, I may sell a few extra puts ànd then play a short term bounce back to the upside.

[stockzilla]

Looks like the VIX is in a med term up trend. SPDRs should see short bounces until a VIX reversal is confirmed.

Which strikes did you play?

[Grizzums]

Originally Posted by stockzilla

Looks like the VIX is in a med term up trend. SPDRs should see short bounces until a VIX reversal is confirmed.

Which strikes did you play?

I straddled support with strikes at 125. Sold the puts at the end of this last week for profit and am a lil red on my calls that I am hoping to sell into a short term bounce back to the upside here this next week. They are July expiration so I'll probably be getting rid of them this week regardless...

[stockzilla]

It's sitting in a short term bearish falling wedge which began jun17. If it breaks through this support, you may consider turning this into a vertical call spread and reclaim some of the loss on the 125's. Just a thought.

[Grizzums]

Originally Posted by stockzilla

It's sitting in a short term bearish falling wedge which began jun17. If it breaks through this support, you may consider turning this into a vertical call spread and reclaim some of the loss on the 125's. Just a thought.

Good idea. I'll keep that in mind, if my bounce thesis fails to manifest. Thank you.

[stockzilla]

Looks like you could've sold those 124 calls for around 4.00 yesterday at the open. They are now trading at 2.25 and looking to go lower at the open. If played properly, you may be able to cover them relaly cheap by end of week. If you entred this trade and are able to cover, consider holding the 125 calls in case of a bounce. This is what I really like about options- we have the "option" to change our trades and turn losing positions into winning positions.
gl,
~zilla

[inthemoneystocks]

The markets are trading slightly lower today. The SPDR S&P 500 ETF (NYSEARCA:SPY) is trading at $125.90, -0.36 (-0.29%). Over the last few days, the market has paused following a massive up move. This is a change of pace from big swings down and up in recent months. This pause and small pull back is known as bullish consolidation. The market actions dictate another stock market jump in the near future. It may start as early as Friday.

All eyes are on the summit in Europe which will take place on Friday. It is interesting how the markets are giving a leading indicator on the possible direction of the move. This up move coming soon could also coordinate with a Santa Clause rally.

Another strong leading indicator seems to be the banks. This is a sector that leads the market and it has been strong of late for the first time in months. Today, JPMorgan Chase & Co. (NYSE:JPM) is trading at $33.44, +0.21 (+0.63%) while the S&P 500 is flat to lower. In addition, Goldman Sachs Group, Inc. (NYSE:GS) has one of the hottest in spirit of bull flags on the daily chart, just waiting to rip higher within the next few days.

Lastly, the Dollar has a classic bear flag formation. The PowerShares DB US Dollar Index Bullish (NYSEARCA:UUP) shows a possible fall in the near future. Since the Dollar trades inverse to the market, a fall would signal a pop in the stock market.

These indicators are all pointing to a move up in the markets.

Gareth Soloway
InTheMoneyStocks