The markets embraced gridlock and celebrated with a monster short squeeze. The major indexes averaged over a 2% gain and the S&P returned to the October resistance high. ANY further gains are going to trigger even more short covering because this is where the bears loaded up on the initial October rebound. Anyone who has not yet covered may be doubling down here thinking the Wednesday rally was just a short squeeze and resistance will hold. If the S&P moved over 2,819 and the 100-day the next target is the October highs.
Stop Loss Updates
Check the graphic below for any new stop losses in bright yellow.
We need to always be prepared for an unexpected decline.
Check the graphic below for any profit stops in green.
We need to always be prepared for a profit exit at resistance.
Current Position Changes
If you are looking for a different type of option strategy, try these newsletters:
Credit spreads and naked puts = OptionWriter
Long term option investments = LEAPS Investor
3-6 month Option Trades = Ultimate Investor
Long and short equity trades = Premier Investor
Full updates on all plays on Wednesday and Saturday. Only closed plays are updated on other days.
BULLISH Play Updates
No Updates to Current Positions
BEARISH Play Updates
No Current Puts