Day 16 – Revised Weeklies

So, now you see that we have held the 1307 level. It was definitely the key level for today, and we have moved to the upside as a result of the technical support. I sold out of spxu (dumb I panicked) at my break even point. Now, I am experimenting with weekly SPY options instead. (Trying these out for the first time) I realize that big time money managers use weeklies’ to provide insurance for their huge positions, but I didn’t know that they could work for a small fry like me. I have a $ 20,000 position in UPRO, not much, but because it is leveraged, these weekly options do have their uses. Have already lost 50 percent on my June 129 puts, (only had 100 worth). But these could come in handy later. More to follow..

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