6/27 – under pressure. Coiled Spring

After hrs selling pushed the SPY down hard on Tuesday. It continues on Wednesday. Today requires some shuffling of positions. I think there should be some sort of retracement up today. That would fit the pattern of the past year. Fed mtg is making for interesting mkt action today.
AMTD – is now out of my portfolio. It tested and briefly broke support. I was able to exit for .33. That is still a nice 100% profit.
I exited the remainder of STLD 45p calendar for a small loss. Overall the position was an excellent short term gainer. All totaled about a 40% gain for the past few weeks.
CLF – was a mistake. oops. it broke below the 50MA and kept going. This is a small Oct position, 1 unit position is off 25%. In the afternoon, it regained it’s loss. Pretty wild ride.
BTU- gets rocked early, then supported at 45. It regained traction. And is up on the day to $47.
BIDU fine. weathering this selloff nicely. Up on the day. I may put a direction trade on this if it moves above $158. Big dollar options though.
CREE – Spread is holding. Underlying is holding well, it is down with the rest of the mkt. but still within the 25 to 30 profit zone. The 30c and the 25c Jan/Dec spread is widening very nicely, right now at about .15. I will may start to sell between .20 and .25. This is my largest calendar position of the year.
SPY – June Qtrly 148-145 p. I sold this vertical for a small profit this morning. I am still holding a unit of a June Qtrly 143/146/149p butterfly. This holds a great R/R possibility
USB and FITB look like they are going to be a bust. They are both in assignment territory. No premium left and in the money. Bummer.
RACK is up today. moving toward the 12.50 strike.
By the end of the day, the S/P retraced 61% (up 13 pts) of it’s most recent down move. Crazy, eh?
I am looking at BWLD again. Butterfly or Calendar. not sure yet. .50 to .70 plays, with very nice Reward to risk.
I am also looking MFE.
I will be waiting for FOMC mtg to put on full positions.
Now here is a coiled spring. Dang this is good.