Wednesday, May 18, 2011

Bounce in Progress

The anticipated bounce has commenced.  Direction from here is more difficult to anticipate, but I closed my long positions and entered small short positions near the closing highs in preparation for a possible sharp spike down to drive up volatility.  With option expiration in two days, I'm on the lookout for an attempt to pump up short term option premium.  If we get a sudden drop tomorrow morning, I'll be selling May put spreads aggressively.

No comments: