It’s a pleasure to wake up to a sea of red this morning. But what’s the saying? Red sky in the morning, sailors take warning; red sky at delight, the Fed really bites. Something like that.
But as a person who went out of character and bought a LOT of relatively short-dated SPY puts yesterday morning, I was slack-jawed to see that the ES hit my trendline to the freakin’ pixel.
Most trendlines eventually break, of course, and this won’t be any different, but the stunning accuracy of that line-touch makes me wonder how long I should hold on to these suckers, because this trendline is The Big One.
Meh, I’m going to sell ’em unless we instantly break at the opening bell. I’m inclined to play it safe. Of course, I’ve got a bunch of other puts, but those fellas don’t expire for months, so that’s fine. Keep your eyes on the line, folks.
