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Gorgeous! Sensational! Astounding!
The IWM fell today, magnificently nailing its 50% retracement level (smack dab in the middle of the two big Fibs). Breathtaking!
I
sold my RUT puts near the end of the day, but I'm still holding onto my
NDX and SPX puts. Like a total coward, I sold a block of IWM puts
earlier today (at a profit, but a profit that would have been three
times larger had I not wussed out). Anyway, it was a great day, and
I'll do a post late tonight with my musings.
For a while, I mentioned the "rectangle of resistance" on the IWM. That rectangle was half-penetrated early this week, and although the market has softened up a bit, now the bulls have something equally formidable in their favor – – a "shelf of support" (I'm in a phrase-coining mood this morning). So we're between the proverbial rock and a hard place at this point; it's going to take some serious buying by the bulls to push above resistance, but it's going to take even more dramatic selling by the market by melt through all this support. It's a tough call.
On a shorter-term, positive note, I got out of my APOL puts this morning for a profit of about 120%. Given the 20% plunge in price, that's not a huge profit, but my option plans tend to be relatively conservative (in the money, several months out). So it's not the multi-hundred percent gain I'm sure others had. What's particularly nasty about these deep in the money puts is that the market is barely willing to pay intrinsic value for them, and sometimes the bid is even less! Oh, well. I'm out and I took a nice profit, so how can I complain?
