After playing the short side for over a week, payoff finally arrived! After a small up move after the open, it was basically all downhill after that, closing near the lows of the day. I’m looking for some more downside on Thursday, but the question is if this is a correction or just some OpEx shennanigans? While I think a corection is on order, I also don’t think that this is it…yet.
After adding some today, I have a full position in QID now, along with SPY puts, YHOO puts, GLD puts and UUP calls…all in the green. My only red position is IWM puts which was the first position that I shorted last week and was probably a bit too early. But a little bit more market downside and I may at least get back to breakeven. Oh well, they aren’t all winners. 
Futures are down slightly this evening but not with any enthusiasm. Housing Starts and Jobless Claims Thursday morning may set the tone for the day. Remember, options expiration is designed to take as much money from as many people as money managers can. So expect some wild gyrations!
“The tax cut deal means tax cuts for the rich and benefits for the unemployed. If you work for a living, you’re screwed.” – Jay Leno
Sometimes, entranced by the screens, watching equities, options and futures change colors, charts moving in a wave, and indicators pointing in every direction, I just have to scream....
