buying $SPY 128 Nov calls at .58 OVERSIZED, this is higher risk but since SPY has passed 126.20 point of real strength

b buying $SPY 128 Nov calls at .58 OVERSIZED, this is higher risk but since SPY has passed 126.20 point of real strength. I think that the market is well placed to continue what began friday. We pulled back hit trend line, held trend line and now passed point of strength so am willing to take the higher risk strike bullish with the intent of shorting further out to create overnight a debit spread. We were not able to pass these levels yesterday thats why SPY had to pull back to the trend line that has been dictating the motions for the last 3 weeks, and as it was held and now so close to the 126.20 support resistance line, it should set us up better for a larger market bullish direction to possibly begin from here and last into the holidays Especially with todays data and data as of late helping.

Posted in General Trading