SPY Option Trade, GDX, AKER

Very quick post. The resistance area in the SPY, which I first discussed in this post from 2/16, is the area where I believed we would start to see more range trading vs the rocket ship rally out of the beautiful 2/9 spring. And we have certainly had some more compressed volatile trading in here, perfect for options trading – in and out. I discussed this in the posts from the 2/15 and 2/16 trading. And again today there were a couple of option trade opportunities. I waited for the SPY to set up later in the day, the explanations are on the chart, still long a small position, scratch stop (hopefully). That volume I referenced below on the chart, that was a “magnet” on a daytrade for a trade back into it, it was likely to bounce back there. I was looking for that as the selling area potential – daytrade.  And yes a 123 bottom, but notice the volume at the #3, too heavy, so I waited for a retest. Where was the retest? Back to the #2 low – very common. I did a lousy job of selling the 3/4 batch – not happy with the execution. I was looking for a bit more upside, didn’t happen.

GDX is discussed, all on the chart, my thoughts.

AKER was a daytrade scratch, still watching it, but that setup was not nearly powerful enough to warrant holding overnight. On 12/20 I held a CANN buy “overnight”, actually 3 weeks. Now that was a powerful setup.

 

 

 

 

 

 

 

 

 

 

 

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About traderscott 1146 Articles
Trader Scott has been involved with markets for over twenty years. Initially he was an individual floor trader and member of the Midwest Stock Exchange, which then led to a much better opportunity at the Chicago Board Options Exchange. By his early 30’s, he had become very successful in markets, but a health situation caused him to back away from the grind of being a full time floor trader. During this time away from markets, Scott was completely focused on educating himself about true overall health and natural healing which remains a passion to this day. Scott returned to markets over fifteen years ago where he continues as an independent trader.

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