FebWk1 was indeed an uneventful week. Why would I say that since the market is at an all time high. The market is evidently very bullish. The spike upwards on Friday saw the SPY end trading at $151.24. The spread that was available that had any meaningful premium was the Call Spread 151.5/152.5.
Admittedly I nearly sold that trade. There was a tempting $0.08 premium for me to sell, but I thought what if it ended at $151.5 and my trade got assigned. It would undoubtedly ruin my weekend. So I opted out. That was the smart thing to do. But as they say hindsight has perfect vision and is fond of stating the obvious.
I am glad that I sat out this week. For good reason too. The SPY is at an all time high. The money markets pumped money into the economy, and also it was the week non-farm payrolls were announced. Not a wise decision to trade? Maybe. But honestly, the range wasn't available.
FebWk2 should be interesting. Let's see what's in store for that tomorrow. Maybe it might be a good thing to sell something on Monday. :)
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