S&P 500 Call Option was Sold and Put was Bought as Stock Market Outlook Turned Darker

The previous week’s “as good as it gets” played out last week, with a failed breakout through major resistance. But bears still need more to prove their case. The jury is still considering the evidence. This report shows it to you.

Meanwhile, our SPY call trade from 2 weeks ago was stopped out with a 65% profit on Wednesday. A conditional SPY put trade was triggered when the trigger condition was met with 5 minutes left in the trading day on Friday. I have updated that trade to include stop levels and an S&P price target.

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Lee Adler

I’ve been publishing The Wall Street Examiner and its predecessor since October 2000. I also publish LiquidityTrader.com, and was lead analyst for Sure Money Investor. I developed David Stockman's Contra Corner for Mr. Stockman. I’ve had a wide variety of finance related jobs since 1972, including a stint on Wall Street in both analytical and sales capacities. Prior to starting the Wall Street Examiner I worked as a commercial real estate appraiser in Florida for 15 years. I also worked in the residential mortgage and real estate businesses in parts of the 1970s and 80s. I have been charting stocks and markets and doing analytical work since I was a teenager. My perspective is not of the Ivory Tower. It is from having my boots on the ground and in the trenches of the industries that I analyze and write about today. 

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