The spy has now beat its all time record by two days, and there is nothing to say that it can't continue. But I think odds are there will be one down day between now and opex. There is no way to no how much down it will be but you have to tkink that people are starting to get nervous and are itching to book some profits. I think there is still room to the upside but I would think further upside would be healthier if we could digest the move of the past few weeks. I mean we are up 12% from the recent correction.
Lets see how the rest of the weout pans out.
I almost bought March SPY puts at $114. Then I felt lucky when it hit $115 but still didn't pull the trigger. Now at $117 I feel I should still get short via puts, especially since I got a free 3 points move against me so to speak. However, it's also usually stupid to fight the tape. I still think I'm going to buy some April puts and maybe just play very small. How often do we see 5 or 6 days of small up days wiped out with one down day, it seems we have the potential for that again.
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