What a DAY!!!
Market blew on the higher side breaking through multiple resistances. Probably, it was due to the rollover of positions (this is options' expiration week). Several bears may still be left caught on the short side of the market. Either they will further give tailwind to the market on the upside or will try to take it lower. Shorts are truly bleeding over the last couple of months. S&P has resistance around 1400, so not sure if the market is seriously in uncharted territory form today.
I closed QQQ Put Diagonal spreads today realizing the worst single day loss of 2012. There are several opportunities in the market, but have no courage to add a position on the blog. I get nervous if there is no support/resistance in place. Pair trades or calendar calls may be a good idea, but I do want to take a moment prior to making any move. Entire portfolio is in cash and still have huge gains so far in 2012. Let me remind you of SPY, QQQ dividend this Friday, so any calls may be negatively impacted.
Updates to the "Last 10 trades" section of the blog will be made shortly.
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