buying $SPY 121 puts at .45-.46 OVERSIZED for day trade

/b buying $SPY 121 puts at .45-.46 OVERSIZED for day trade. Here the strategy is to profit of a pullback that should come intraday after such a huge gap up and continuation. I am still long the 119 puts that we had almost 100% profit on yesterday but today wake up to see profits replaced by losses. On a pullback that should bring SPY back down intraday to 121.50 area I can lock in profits from this day trade and then short these same 121 puts and keep the 119 puts as the long leg of a credit spread. OK I am turning market bullish but believe that fist we should pullback again as far as larger strategic thinking.

Posted in General Trading