Sold SPY

I sold my modest SPY position. The SPY has spiked and they are buying calls. My only remaining longs are some out of the money puts that I'm short.

Disclaimer 

6 comments:

Anonymous said...

sold my TM.

Random Thoughts said...

Mammary Mondays

Anonymous said...

Tsachy, with the way the tape is printing I'm not seeing one final capitulation sell off. Seems like maybe everyone was expecting more weakness? What do you think -- do we power higher rest of day?

Tsachy Mishal said...

I don't have a strong feeling on the remainder of the day but I see no reason to believe that we will have a large reversal.

With the market so oversold I am not looking to go short. At the same time because I believe we are headed lower in the intermediate term I am not looking to get aggressive on longs.

If we did have a nice scare early in the week(today, tomorrow) I would likely do some buying to take advantage of the oversold condition.

Tsachy Mishal said...

As an aside, I was hoping for a final sell off so I can go long. Not betting on one. Big difference.

dukebravo said...

Long Mammaries (MMMM) at the market