It's Nice to be Right on SPY
We were looking for a gap-up and yank on the market, and we got a clean one to take profit on. Our idea was to take 467 puts on SPY, and anyone who did that could have bought for $0.35 and sold for $1.10 in the same day.
Right now I'm looking for another day of selling tomorrow. I think we might get one more day, but the action is looking somewhat bullish right now. I think we will see the SPY clear 470 by the end of the week.
Elon Sells, TSLA Spills
Tesla (TSLA) continues to be weak in response to the news of Elon Musk selling his shares. The plan on our watchlist was to watch for a pop up to the 1020 level. When that happened in the morning, we bought TSLA 1000 puts. Those puts went from $30 to $40 in less than an hour.
There are buyers and bidders under 990 on TSLA. We got a nice big rip at the end of the day. I'm not convinced we're set for a reversal yet, but we're close.
Member Trade of the Day
Edumomo member SHRegime went all in on ETSY, TTD, and SPY. Took a small stop loss on TTD, but ETSY and SPY paid off big enough to increase his account balance by 36.54%! Not bad at all.