SPY Short: 2/28/2023
Updated
Short on SPY following pre-Market overnight gap upwards towards 399.02.
Continuation of moderate bearish trend with a realistic take profit(s): T1 - 398.22; T2 - 396.77; T3 - 396.6.
Put Options between open price (399.02) towards 399.45 with potential to average down cost (0-1 DTE); StopLoss set around 401.37 (consider adjusting StopLoss or Rolling as appropriate).
Continuation of moderate bearish trend with a realistic take profit(s): T1 - 398.22; T2 - 396.77; T3 - 396.6.
Put Options between open price (399.02) towards 399.45 with potential to average down cost (0-1 DTE); StopLoss set around 401.37 (consider adjusting StopLoss or Rolling as appropriate).
Note
Opened Puts when price touched 398, then averaged down costs with doubling lot size around 398.5 for strike $397 on 3/2/2023.Sold half lot at small loss - sold remainder for smaller than desired profit when price receded to 398.
Opened & closed Call Credit Spread 399/402 for 30% profit; CCS 400/403 expiry 3/2/23 opened on 2/28 & holding while ITM.
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