VIX6 – SPX Trade #3
Good day Insiders,
The more this markets sits and contemplates which direction it is headed in, the more I am of the opinion that since we can not sell off, we are indeed headed higher. The fact that the market keeps opening above support and when selling does take place, we are not penetrating it leads me to want to get more bullish. This takes us to our next trade, though HIGHLY speculative, price action is pointing me to believe we are likely to see a big move in a specific direction, as mentioned my view is that we are going higher.
As mentioned we are too close to 2900 not to attempt it. We will sell the 2900-2895 put spread for tomorrows expiration.
Risk & Reward
Our trade will use $2,200 in risk and if we do indeed continue to trend higher and test 2900 today or tomorrow, this will be a great profit of $7,700 for very little risk.