Haven't looked at it today. I had been watching this position and when the long side went up so much, it was too good an opportunity to miss---so I grabbed it. Cru
Oh, then don't look today, you don't want to know . Just kidding, we have all been there sweating out our short positions from time to time. I'm looking for a pull back from the 1280 level. I did finally get filled on a 1295/1300 Aug call spread. I'll take a profit when I can get it on the pullback. Otherwise I'll be sweating alongside of you .
A head-n-shoulders pattern has formed on SPX and that's supposed to mean a break to the bear side. I'm not sure how much I believe in chart patterns, but I don't believe in bowing towards Chicago either. On the other hand, if praying towards Chicago helps...
So far the horizontal resistance is holding at 1280. You don't have to believe in chart patterns to believe in horizontal s/r. IMO, horizontal s/r has been demonstrated and there is much less guessing involved. You already know that other people see the same s/r because that's what formed the floor/ceiling. I'll stick my neck out a bit and say that if we break 1280 I think we are headed toward 1300 before AUG expiry.
BTW, I decided to wait until monday to see if there is any additional buying to start the week off. I'm leaving the AUG strikes alone and focusing in on the SEP.
I'm chalking today up to end of month. Decided to enter the AUG 1305/1310 calls for $1. Tried the AUG 1295/1300 for $2 but no fill.
Well, SPX just hit 1280 with 13 minutes to go for the day. Apparently the institutions are buying a bit.
This is why I'm not really trigger happy right now. A close this strong probs means more buying monday morning.
Would you count this as breaking 1280? Felt the waters, and recoiled? I'm sweating a short position also ...