Got into weekly 260 puts expiring tomorrow. I'm looking at a pattern of channels on this runup over the past year or so. It has a tendency to have a big spike like this, followed by a pretty decent down move the next day. Just playing patterns. Yes the house passed the tax bill today, but that's what they were supposed to do the whole time. The SENATE is really the question here, and it doesn't seem like they are that close at the current moment. I'd assume people will take some profits tomorrow into the weekend as well. I guess we'll see!
BTO SPY 11/17/17 $260 puts @ 1.11 fill
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Market looks like it's coming back a bit now, so far the puts are working, would love to get to around 258.20 to close out if I can. Let's see how this last hour goes.
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STC those previous $260 puts to 1.31 for a 17% gain
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Jumping back in 259.50's for a little more delta.
BTO SPY 11/17/17 $259.50 puts @ 0.88 fill
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STC SPY 259.50s for 0.95 for a 7% gain
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BTO back in for more at 0.89, and closed out again at 0.85 for 6% lol. Quick scalps! 3/3 these past few minutes!