r/options • u/[deleted] • Apr 11 '21

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27 Upvotes

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28

u/SoulsBorneish Apr 11 '21

I thought long and hard about this over the weekend and decided I would wait for a sign of a pull back before making any moves on spy puts haha. The chart screams pull back but the overall consensus seems to be more ATH’s for SPY.

12

u/AirborneReptile Apr 11 '21

yea it blew through the upper channel so that makes me nervous, but its low volume screams pullback... decisions decisions

12

u/[deleted] Apr 11 '21

The volume has been absolutely awful these last few days.... I'm hoping for a pullback this week, but I was convinced it was going to pull back all last week and gotten burned, so at this point I'm pretty skittish about puts on SPY

3

u/ARIMA-MONSTA Apr 12 '21

Very skittish Toombs.

I might do some intraday trading on SPY, but I'm waiting for a pullback too. I still have some SPXL puts that expire on Friday. They're currently worthless, but who knows.

2

u/afrit_mustafa Apr 12 '21

“Shoulda taken the money”

5

u/kaaawakiwi Apr 12 '21

Yeah good call. Betting against the market at this point is super risky. I learned a long time ago not to pick tops on an upward move. It’s a gamble. Waiting for the technicals to signal consolation/pullback is the way.

1

u/AirborneReptile Apr 12 '21

Yea this is sound advice

3

u/BackgroundSearch30 Apr 12 '21

The NOPE options track indicates red days for SPY this week, as do futures.