Can't Always Get What You Want

A nasty close would have made us oversold just as we are heading into strong seasonality. The risk/reward for a bounce would have been rather favorable. Unfortunately, the market had other plans and has started its bounce earlier than I was hoping for. I am happy I used the opportunity earlier in the day to reduce my hedges and am now in a position to benefit from strong seasonality. If we see a down day tomorrow I would still consider buying some SPY calls but its possible we have put in a  bottom for the week.

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