From our “Try Not to Overthink Things” department, I offer you the following.
Yesterday, based upon the enormous and well-formed topping pattern in UPS, I decided to buy October $150 puts. I then noticed yesterday that UPS reported earnings this morning (if you need some help with the relationship between yesterday and today, I direct you to Ms. Harris), and that made me a little nervous, so I trimmed back my position a bit out of nothing but cowardice.
Well, let’s say my intuition about the UPS pattern was spot-on. The stock is getting utterly zapped.
I’m delighted to be in position, but of course, I’d prefer I held on to the whole schmear!
