Stocks

[stonegossard]

Originally Posted by Rupert Pupkin

I bought some Spyder puts. I bought the SPY December 75 puts for $2.16. If the Dow goes down to 5,000 by December, which I think it may, these puts will be around $25.00.

I also bought a few July SPY puts. I bought the 99 puts for $1.28. Even though we could have a rally right now, there is also a chance that we could go into a sure-term free-fall. There are some technical indicators that show the Dow could drop to as low as 8200 short-term. If that happens, those puts will go to about $11 or $12.

I'm sure we will get a rally. I haven't been able to do anything right in the market the last couple of years. Whatever I do, you should do the opposite.

Smart buy in the SPY puts. Friday's close was real bad. A lot of technical levels have been cracked at the end of the quarter. A lot of people thought that 1040 in the SP cash was big support. Smashed right through it. I think it comes down to what the bank stocks do, and they all seem to be ready to go into freefall. GS,BAC, and JPM are all breaking key support which could lead to disaster for the market. You also have Smooth Operator extremely bullish which should keep this sell off going strong. I think Morty is bearish as well which has to be good for the bears.