Well, after yesterdays market move, things look more bearish. Need to be seen whether bears get something substantial moving this time or it will be like the numerous other times where the bulls take back control.
Yesterday was a good day for me. I entered all bear put positions as planned and what I had earlier on the bear side also performed very well. IDCC, GRMN, TNA, BTU puts and the SPX bear spread are all doing good. I also entered WLT puts - this stock had a big breakdown yesterday as well.
Today also seems to be opening down. But a bounce is possible somewhere today. I will like consider hedging today with SPY+IWM calls. Will make a decision on when exactly to do it during the trading day based on internals.
MCO went down hard yesterday as can be seen from chart below. Will we have a bounce? Or more deterioration before that? Either way bear rules for now - until we have a turn up in MCO and eventually a move back above the zero line. This will take a while which is why I believe the bear is here to stay atleast for a few more weeks.
More charts tonight.
Best,
PM
Yesterday was a good day for me. I entered all bear put positions as planned and what I had earlier on the bear side also performed very well. IDCC, GRMN, TNA, BTU puts and the SPX bear spread are all doing good. I also entered WLT puts - this stock had a big breakdown yesterday as well.
Today also seems to be opening down. But a bounce is possible somewhere today. I will like consider hedging today with SPY+IWM calls. Will make a decision on when exactly to do it during the trading day based on internals.
MCO went down hard yesterday as can be seen from chart below. Will we have a bounce? Or more deterioration before that? Either way bear rules for now - until we have a turn up in MCO and eventually a move back above the zero line. This will take a while which is why I believe the bear is here to stay atleast for a few more weeks.
More charts tonight.
Best,
PM
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