Long term PUT position in spy (Dated for march next year)
Updated
Entered this trade mostly based off of current economic indicators related to jobs and housing, as well as RV sales and Used car market. Less time spent on determining short term outcome. Colored arrows are basic predictions based off my feelings. Based on election cycle and other economic indicators, as well as near rate cuts gave me the proper vibe for this.
Trade active
Enetered my put position somewhere around @$547 sometime this morning.Note
Probably looking at short term rally, might be a call to cover for that and sell around @$556 or so, not expecting any new highs. Short term rally depends on whether tech/nvidia breaks down or recovers by end of today, but seems likely for recover. Doesnt change longterm PUTNote
Looks like we are knocking on the resistance there. Market seems to be running on fumes with rate cuts already priced in. Does not look very confident in breaking past resistance, if it does it would probably reach @580, or just false breakout and fall back down.
Either way, Im buying a call to protect my put position in case it does have a run up for a new high. Most likely Ill end up selling the call for a loss.
Although the obvious move for the market here would be for it to fall, market usually does opposite of most obvious move so its good to play it safe.
I STILL HAVE MY LONGTERM PUT BY THE WAY
Note
Made quick profit off of call, recession is incoming now with those rate cuts.
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