SPY today dropped below its open twenty minutes into the day and never looked back.
So as day trading SPY options went, and at the risk of oversimplification, it was basically buy the blue, sell half into strength, cover on the rest on the yellow, rinse and repeat using ever lower strikes.
See the chart below for the color coding.
First – the 311 put, expiring today, for a 70% gain on one half, and a 50% gain on the second half.
Second – the 309 put, expiring today, for a 100% gain on both halves.
Third – the 305 put, expiring today, for a 50% gain on one half, and a breakeven on the second half.
This is what one always wants day trading options, a trending day down.
FIRST ENTRY AND EXIT
$SPY #Options – #DayTrade
LONG 311PUT at 2.38, 06/24 expiration..STOP: Breakeven.
RESULTS: https://t.co/rs3q62Pb7i#Options #OptionsTrading #DayTrading #1Kdaytrade #10Kdaytrade
— The God of Trading (@TheGodOfTrading) June 24, 2020
$SPY #Options – #DayTrade
LONG 311PUT at 2.38, 06/24 expiration..STOP: Flat.
RESULTS: Took half off up 70%. Second half off at up 50%.https://t.co/rs3q62Pb7i#Options #OptionsTrading #DayTrading #1Kdaytrade #10Kdaytrade
— The God of Trading (@TheGodOfTrading) June 24, 2020
SECOND ENTRY AND EXIT
$SPY #Options – #DayTrade
LONG 309PUT at 2.41, 06/24 expiration..STOP: Flat.
RESULTS: Took half off up 100%. Second half stopped at 100%.https://t.co/rs3q62Pb7i#Options #OptionsTrading #DayTrading #1Kdaytrade #10Kdaytrade— The God of Trading (@TheGodOfTrading) June 24, 2020
THIRD ENTRY AND EXIT
$SPY #Options – #DayTrade
LONG 305PUT at 1.42, 06/24 expiration..STOP: Flat.
RESULTS: Took half off up 50%. Second half stopped at breakeven.https://t.co/rs3q62xAfK#Options #OptionsTrading #DayTrading #1Kdaytrade #10Kdaytrade
— The God of Trading (@TheGodOfTrading) June 24, 2020
AND FOR GOOD MEASURE THERE WAS THIS EXCHANGE TODAY:
#Virus rocketing. #Trump gone insane. #FED staring into headlights. #McConnell and Trump shooting down Dem stimulus. "Earnings?! We don't need any stinkin' #earnings!"
Take a guess? https://t.co/x5tFUV0h1q
— The God of Trading (@TheGodOfTrading) June 24, 2020
(click on the chart for a larger view)
