Sneaky SPY Credit Spread

Well, we tried sneaking a SPY put spread in at the end of today's session but got barely any fills at all. The market is showing resilience and our analysis reveals it is safe to deploy some out of the money put spreads on the indexes. Moving Averages, chart support, and round-number-psychological-support (SPY 130) are holding up well and providing the impetus for today's bounce. Today's gap down open was met with buyers and the markets advanced all day to ultimately close positive (except the Nasdaq which only closed -0.05%). This is healthy action and inspires some confidence short-term. Even if the joke is on us, and there is no conviction behind the strength, our spreads remain well OTM (Out of The Money) and there are many areas of support between them and the market. Our attempted SPY spread will be worked tomorrow (Friday) to ensure execution. We may click up one strike as the trade rationale supports the higher strike as well. Stay tuned and happy trading everyone. Trading has been active lately and the feedback has been great! Add your review today at Investimonials. Subscribe today and don't miss out on your next profit opportunity! TradeMonster- Get $50.00 FREE for opening a new account. Enter promo code: BookingAlpha during account opening process for your FREE $50 bucks! Check out my latest interviews at TraderInterviews.com & Benzinga: Trading has been active lately and the feedback has been great! Add your review today at Investimonials. {jcomments on}