After this long bull run, it is time for the market to take a breather. The USD is at a historical support point, fiscal stimulus is peaking. It is enough to take a risk that the SPY (SSO) will not rise another 6% (12%) in the next three months.
The author has entered in the following position.
Sell SSO Jan 2011 $47 Call at $1.22
Buy SSO Jan 2011 $48 Call at $.98
Net credit .24 with $1 risk.
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4 comments:
Holding. I am still optimistic that the bull market has run out of steam.
Holding. I am still expecting a minor correction to create an opportunity to exit this position at a profit.
Wrong again. Position closed on Jan 20 with SSO at 49.
76% loss.
Their sure is a lot of hype.
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