Market is down 60-70 points, not terrible considering the break of the 200 on heavy volume. However, I am getting nervous about this market. I purchased more puts on the SPY. I am then going to sell a put on SSO (2x S&P etf) at 45. Right now those puts are going for 3.50 (x100 shares=350$ ). SSO is at 48. But when it gets to 45, I will sell the puts and receive a hefty premium. This could only be a risk to me if SSO were to go down after I sold it; however, I would be happy getting put to SSO at 45 because that is a cheap price, long-term, for a great quality etf. So we have a plan if it goes down further, 60% cash, and married puts on the portfolio. If it goes higher from here for some odd reason or random news event- great. That only means we are not losing anymore money, and the portfolio comes back with more velocity as we have added to our shares (UPRO), during the decline. The puts will expire worthless-(worst comes to worst) as we go up.
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