SPY is moving against me.

Written on Mar 16, 2010 // Options Trading.

Looks like I need to stop trying to predict price, because it hasn’t worked. I was wrong in predicting a bearish move, at least in the short term. The SPY blasted right through the resistance line I drew and instead followed the upward channel. It’s moving painfully upward while the bears are showing a lot of resistance, but it’s still climbing upward along the lower end of the channel.

I’m not in a horrible position, but I will likely need to make an adjustment tomorrow morning. But that’s okay, I’m still 30 days out from expiration. I decided this morning that I would make an adjustment if the price reached 117.

Delta is currently at -236, Vega is -92.

Leave a comment

You can say anything you want here, but remember that my blog is not for advertising of your organ-growth pills and porn sites, just don't SPAM!