Market Overview:
The market is sending me mixed signals. On the one hand the Dow and S&P finished strong today, while on the other, the Russell 2000 tanked hard and had a weak bounce into the close. Oil also got punched in the face today. We will get some preliminary job data and the ISM Non-Mfg index tomorrow so maybe that will determine the market's next move.
SPY Option Trading:
I got lucky to sell some weekly puts near the market bottom today. That was my only move. I will likely sit tight with my weekly SPY options for the remainder of the week unless we get a big move. If we get a big move to the upside then I will look to sell some more weekly 128 calls. If we get a big move to the downside then I will look to sell some weekly 124 puts.
Key Levels in the SPY:
Resistance: 127, 127.50
Support: 126.50, 126.25, 126, 125.50, 125
Individual Stock Trading:
RIMM:
I tried shorting RIMM at 59.50 right after the open, but my order never hit. It looks like RIMM is trapped among a bunch of SMAs (20, 50 and 200) so I think the best thing to do now is just sit back and wait for it to make a big volume break, either to the upside or to the downside, and then play it in the direction of the break.
See my trading log below for my current open and closed positions for the month.
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