The First Day – Market Close

The market continued to rally throughout the day finishing strong. Selling calls on UPRO (S&P) seemed like a plausible strategy, (UPRO 69 Jun 16 calls are now going for 4.20 per contract – we would have received $420 for selling a call, instead of paying $420 to buy a call). I decided not to place stops either because we are in a conservative position of 50% cash, not to mention that it is death by a thousand cuts with those commission fees. We are still staying on the sidelines, until the dust settles. At least until we get a definable trading range, then things start getting interesting.

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