The market makers (you know who you are) took opportunity to push the market higher than expected simply for the reason that most traders are away for the thanksgiving holidays. Good thing we Asians like to eye-ball the market. :)
I am sure many folks last Saturday morning woke up to the terrible news that their trades got assigned. If you don't know what "assignment" means, I would strongly suggest that you take some time to find out what that term means for sellers. I don't really care about buyers, but if you're selling options, this is an important piece of education that you need to familiarize yourself with before you get caught in a situation that could potentially result in losses.
Alright, perhaps for the benefit of everyone, and also a reminder of myself, I might write a post on being assigned. Okay, more of that later. :)
Someone pushed the SPY upwards, and thank goodness, I managed to cut loss. There is some benefit to eye-balling the market. As much as I would like to say this system is flawless, it is flawed. The flaw here being the fact that I have to eye-ball the market till 4am (usually).
This recent push up has made me think about my strategy and in a sense rethink how I am going to trade for NovWk5.
I am back to my usual trading philosophy. There is 51 weeks left. Trade carefully folks.
That's all for now!
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