8/9- Crater open, gap fill, crater close

It was a brutal open. Wow. The S&P futures were down 30pts at the open. Awesome selling to open. A trader should never dump their shares at the open on such a move.


It was a brutal open. Wow.
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The S&P futures were down 30pts at the open. Awesome selling to open. A trader should never dump their shares at the open on such a move. Wait for the 15 minute bar to form. I was attempting unload some spreads during the panic. I didn’t get much action however. The best case scenario for my portfolio would be a close somewhere between 145 and 150 on the SPY. We will see.
The SPY close right on its 200 daily MA and Secondary Trendline. This will be telling. Rebound after a 44pt SPX loss and 387 Dow loss.
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PGR- I sold more 20p spreads @ .20. They are not taking anymore at this time.
MATK – Holding up ok in light of a 44pt drop in the S&P. V
GOOG was slapped today. It worked my butterfly a little. Bummer.
JBLU – pretty strong in the midst of weakness.
BZR – 1 unit Feb/Jan 10p Calendars for even. Playing this to the downside. BZR announced better than expected earnings, so it rose. But home builder are still pretty lowly these days. A powerful drop should open this spread up nicely. My risk is the commission on the trade.
OMX – added 1 unit Feb/Jan 35p for .05. The position is 2 units in total. 3.55 of premium in the front month option. very nice.
Monitoring:
SPLS is a dog with fleas. Dec/Jan 25p. The spread is barely up. I have 3 units of this trade for .04. Snoozer.
ONXX – Jan/Feb 25p 3 units. Ave price .01 credit. I have made money in this trade with other legs. Right now it is too far OTM to be worth anything.
ACLI- Dec/Jan 20p and 22.5 Calendars for an ave of .05 and .02 respectively. I am a little confused why this hasn’t opened up. I still like this trade very much. $2.40 of premium in the dec 22.5, nice.
CLF- bad butterfly.
BTU- too OTM to worry about
ADBE – Very nice 40p Sept/Oct calendar. We are in Theta decay mode on this. good find Mike!
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The acct has now officially doubled since the end of ski season. I am very please with the results, and the low stress approaches I am using.
I would sure like to vote for a smart and savvy president again. I long for the opportunity to do so. It feels like the past few elections have been like choosing between “Dumb and Dumber”‘

“Mormon or Moron”

Mr. Romney’s first ad. Imagine giving power back to the states rather than making federal laws which override states decision. This guy is impressive.

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