Wild SPY Ride

I took some puts on the SPY on Friday’s b/s joy fest and woke up on Monday ready to see red… in the markets.  Instead, what I saw was index futures up 1%+.  I saw red alright.  But I held on because yesterday just didn’t feel right.  It felt like a bull trap.  Here’s the wild ride in the puts I held *.

* I say “held” because not being a river boat gambler (or even a particularly good trader lately) I took the flash profit this morning.  I hold a few other less dangerous bear positions pending the October view, which I am nowhere near convinced will remain bearish.