WOW. I am speechless. The ichimoku charts have spoken again. I am still a novice, but the little that I know of the charts are making me excited just looking at it. :)
In short, I missed a perfect selling opportunity for a Put Spread. I had predicted based on the charts that it would go up at least $1.50, but the SPY outperformed my expectations and went up by $1.62! WOW. Did I already say that just now? ;)
Why is this a MAJOR indication that it is a big bull run from here onwards?
1. Firstly, there is no dip, the low of the day is very close to the opening.
2. The closing price is also very near to the intra-day high.
3. The chikou span (26 day lagging moving average) has pierced through the green cloud!
4. The senkou span A has crossed over the senkou span B as is evident in the future (count 26 days ahead).
5. If you look at the historical charts 6 months or more, you will realise that this is going to be a big bull run (ceteris paribus) that's if there is no more bad news coming out of anywhere. :)
Hold on tight folks, it's going to be a smooth sailing flight UP! :) if you sold the SPY DecWk3 Call Spread 147/148 spread this week, I would suggest keeping your eyes peeled and hope that the SPY retraces a lot tonight. That said, if the SPY retraces a lot tonight, I will be hunting for a Put Spread.
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