Just a quick post:
The month is finally over. The improbable 9% gain in the S&P was, well, the best on over 70 years. Oh yeah, historically, September is the wort month for the market. History certainly did not repeat itself in 2010.
I have had a short position (puts) in the S&P (SPY) for several weeks now and I have added them at various times throughout the month at various strike prices. Currently I hold puts at the 112, 113 and 114 strikes. So, of course, As you can probably deduct, I am still anticipating a short-term decline that should take us down to the $111.02 area on the SPY and close the first of several gaps that exist beneath the major market benchmark.
However, I must say that my stance is being tested as the S&P continues to test the $114.73 area near the top of my range for exiting the trade. The S&P once again touched $114.73 at the open Friday, but quickly moved lower as the benchmark ETF was unable to hold above what has been an strong area of overhead resistance. It was the sixth straight day SPY came within or breached $114.73, a level not seen since back in early May.
I will have more about my current position and my intentions in the Weekend Report (subscribers only). I hope everyone has a wonderful weekend.
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