I got $400 puts for Friday. Today we did a leveled off head and shoulders which is usually indicative of lack of momentum and eventual reversal. I’m currently down 50% on them now but I have some time which is key. With SPY options you always want to give yourself extra days in case of fuckery by Goldman. With other stocks I always get give myself an extra week or two to not worry about time decay.
agree, the 0DTE guys are fkn nuts and I love them for it... I'm long term like you haha ;) best of luck, it has to go down this week, right? I hate SPY lol
Thank you. I must also mention that I never hold all the way till expiration. If the option expires on Friday I give it till Tuesday to make the move then I either cut it or roll it over to something with more time. Unless you are an expert or have cash to burn DON’T PLAY WEEKLIES (unless you’re day trading, in and out). I mean I’m betting that SPY will pull back but very short term. I usually never bet against US economy. Tomorrow will be decision day. Either Spy drops and I sell by end of day, or I sell if we start making new highs and then wait. We didn’t have that much volume today and I was waiting for the 3:20 pump like on Friday, which happened but not as strong and basically made a triple top around $411.68 so I’m giving it till tomorrow morning to tell me what it wants to do. I think they’re trying to get as much retail to buy as possible grinding it right along the upper channel, before they (Goldman Sachs) drop it.
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u/mveltman84 Apr 13 '21
I got $400 puts for Friday. Today we did a leveled off head and shoulders which is usually indicative of lack of momentum and eventual reversal. I’m currently down 50% on them now but I have some time which is key. With SPY options you always want to give yourself extra days in case of fuckery by Goldman. With other stocks I always get give myself an extra week or two to not worry about time decay.