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Joined: 28 Dec 2005 Posts: 11986
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Posted: Fri May 10, 2019 12:57 pm Post subject: Next Week Trading (May 10th) |
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Next Week Trading (May 10th):
SPY fell to my target in the low 280s, hitting 282 1/4, and closed higher, rising above 288 1/2 in after hours. The market moved much faster than I expected. Perhaps, SPY will trade between the low 280s and the low 290s short-term. It may be best to be heavy in cash, because a 5% to 10% correction or more within the next few months is much more likely than a rise to new highs. I’ll be watching recent stocks I traded for opportunities.
My portfolio is about $740,000 including $380,700 in cash.
Calls Contracts-Shares Long
GE Jan 10 2020 200
OIH 20,000 shares
Puts Contracts-Shares Short
SPY Sep 290 2019 20
Portfolio at $100,000 on Mar 1st, 2018. Portfolio stop loss raised to $500,000. Stop loss will be strictly enforced and extreme caution will be taken if triggered to avoid large losses and preserve capital in "irrational" market periods. |
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