I am playing it "relatively" safe. Intently observing with interest ALL the different theories, "waves", and whatever other attempts to guess this beast.
Meanwhile today, I sold some puts (May 60's) on APA broken up in 2 transactions to see where this thing is going. To a degree, I will not mind being put the stock as I think APA seems solid so long energy prices will continue up. Considering doing the same with WGR.
Still, I will consider buying protective puts (May 55) just in case. (or simply close the position if it goes against me , but the 55 put gives me a floor in case something goes wrong overnight during the time I am holding the position.
I am doing the same with an ADBE position (which today was downgraded grrrrr... but for now I am safe (I have July's 40 short puts, with long protective puts July 35)
I am considering others and doing these as spreads (simultaneously, or legged in --for that I have to feel a little braver).
As for the rest of the market, hmmm I do not know, I believe a deeper move down was expected that did not materialize... so we will see tomorrow... (is it the bull's turn tomorrow ? ) Futures -2 for now.
This market is beginning to feel like a mystery novel, I wonder what the next chapter will be...
Who killed the Bull ?
Or
Does the Bear skids ? |
