Good morning everyone, as you know on Friday I sent out the trade alert for the SPY systems as two of the sub systems took a long trade at Friday's close.
I made some comments already regarding these open trades on the Trading community, so far very nice as the SPX is up near 50 points now.
Otherwise FYI the first hurdle that price needs to clear before these trades will officially close out is a close above the 8 day SMA on SPY. Even with today's large bounce price is unlikely to achieve that today. That said the SPY options are up nicely. If you bought more than one SPY call option, you have the flexibility to scale out of one of the SPY calls for a nice profit if you so choose, that's up to you. Otherwise should the market be up tomorrow again it's possible that
one or both of these trades may close out.
Another thing to monitor today is the VIX indicator. It's currently back inside its Bollinger Bands. Remember it closed outside it's BB's on Friday. A close back inside would be a VIX Bollinger Band buy signal - again the close matters, here's the VIX chart
URL
remember you can see our live comments regrading the market and trade ideas from the Trading Community
enjoy the rest of your day,
Matt