August 20, 2017

Very Short-term Trade – SPY

I woke up this morning with the same assumption that I had last week – this market is headed lower. Maybe not today, maybe not tomorrow. When taking a look at the S&P 500 (SPY) over the short-term  it looked like a decent area to try a call. Of course, this would only be  a short-term play and I intend on keeping my stops fairly close so I decided to place the following in my thinkorswim account:

spy-trade

So far the trade isn’t holding up so I could be out of this almost as soon as I got it. Unfortunately, that is how it goes sometimes. I can only go on probabilities as a trader and as we know there are no guarantees in trading/investing. The key is  to manage your risk wisely.

Kindest,

Andy