SPX / SPY - Watching for Entry
WATCHING ONLY. NO CURRENT ENTRY.
I am planning on playing this both ways now that we have a China deal.
We can play the pullback down and the bullish bounce back up.
Daily RSI is almost 70. Weekly RSI is already 70. This is overbought.
With Weekly trend being bullish since Sept.3 , I cannot find another bullish trend longer than 16 weeks.
We will be approaching this mark soon. To me this says we should see a pullback.
IDEAS
#1
Long entry - Buy stock and set stops. This allows for premarket trading (if your account is setup with your broker).
Buy puts in addition to long entry.
This would allow to have bullish coverage with the stock. You can be active in this position from 7am to 8pm EST (better than options but more capital tied up).
If SPY goes bearish, you can have puts which to offset any losses. If things look to really go down, you can exit premarket by selling stock and keeping the puts.
#2
Buy 100 shares of SPY stock and sell covered calls. This is out of my price range (to much liquidity tied up) personally.
The question is: Do we think that investors will lock in some profits in January (avoiding capital gains this year) OR will the January effect take over and become really bullish?
If someone has any ideas other than buying a bullish position at ATH's and drinking FOMO koolaid.....let me know.
Otherwise I am a patient observer waiting with my cash for an opportunity.
Thank you for liking, commenting, throwing up a chart, following, or viewing.
I am not a financial advisor. My comments and reviews are based on what I do with my personal accounts.
Disclosure - I am long BTCUSD, GBTC
I am planning on playing this both ways now that we have a China deal.
We can play the pullback down and the bullish bounce back up.
Daily RSI is almost 70. Weekly RSI is already 70. This is overbought.
With Weekly trend being bullish since Sept.3 , I cannot find another bullish trend longer than 16 weeks.
We will be approaching this mark soon. To me this says we should see a pullback.
IDEAS
#1
Long entry - Buy stock and set stops. This allows for premarket trading (if your account is setup with your broker).
Buy puts in addition to long entry.
This would allow to have bullish coverage with the stock. You can be active in this position from 7am to 8pm EST (better than options but more capital tied up).
If SPY goes bearish, you can have puts which to offset any losses. If things look to really go down, you can exit premarket by selling stock and keeping the puts.
#2
Buy 100 shares of SPY stock and sell covered calls. This is out of my price range (to much liquidity tied up) personally.
The question is: Do we think that investors will lock in some profits in January (avoiding capital gains this year) OR will the January effect take over and become really bullish?
If someone has any ideas other than buying a bullish position at ATH's and drinking FOMO koolaid.....let me know.
Otherwise I am a patient observer waiting with my cash for an opportunity.
Thank you for liking, commenting, throwing up a chart, following, or viewing.
I am not a financial advisor. My comments and reviews are based on what I do with my personal accounts.
Disclosure - I am long BTCUSD, GBTC
註釋
Someone said it better than myself. NorthmanTrader
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