I decided to close the July 17th SPY $205 call position mostly because of the expiration which is only a week away, therefore the gains that were in it this morning could disappear real quick if the longer term Index futures charts' don't confirm in the cash market. If this were a longer dated expiration, I'd probably not feel any urgency to move on it so quickly this morning.
The P/L for the SPY Call came out to +43.4% which is certainly better than a poke in the eye. Almost immediately after closing it, I heard from the first member who said he just made a load of cash and is taking the rest of the day off, 30 minutes work today! I'm a little envious. Congratulations though, you deserve it!
This is the SPY intraday 1 min chart, to the far left is the head fake move below the 200-day we had forecast, it's also where accumulation DID NOT pick up like we'd normally see and I'm not surprised looking at the rest of the week's chop, but there is an overall positive divergence in SPY, just for a short dated call I didn't like the open and figured the position can always be re-opened, maybe with a more appropriate expiration.
This is the intraday SPY this morning, I was looking for some sign it was moving toward confirmation of the gap up, I didn't get it and still haven't, the chart looking almost exactly the same.
Then of course there was this negative divergence in ES futures so between all of those, take a 40+% gain off the table or worry about it?
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