It seems the market is consolidating and finding resistance around SPY 135 levels. The action in the market is really surprising and may push the market even taller if SPY 135 holds well. There are plenty of people caught up on the short side of the market and will be forced to rollover/ close their positions giving tailwind to a move higher.
We should do well this week if the market closes on Friday at a level trading today. NFLX couldn't sustain above 127. NFLX 120 to downside and 127 to the upside are the levels to watch to protect this trade. Doubling a position doesn't bode well with my portfolio! Trade is still favorable at the close today.
There were enough opportunities to close SPY diagonal spread today, but RHT was not high enough to act on that potential trade. This is a balancing act. Portfolio will do fairly in spite of gains/losses from individual trades.
Updates to the "Last 10 trades" section of the blog will be made shortly.
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