There isn't much to glean from this morning's gap down then recover market, other than it wasn't a crash - this time around, but don't lose sight of the major trend - it is down - and the potential for much lower prices in weeks ahead. If you need to add to downside leverage, these knee-jerk counter-trend rallies are good spots to pick up options. DJI Daily SPY 120 Trade Management We closed out some huge winners with the Oct 20th expirations. A month before, the table probably looked a little like this one, meaning there is still plenty of time to get on board. My preferences in order: IWM, QQQ, SPY (see below) GLD, VIX, TLT SPY Nov 17th Puts The Nov 17th $425P is currently held in the Blue Line Premium Service Portfolio. New positions can go out to $420/$415.
