JuneWk3 - SPY Market Summary - This week's movement marks the end of the bull run for sure. The movement on Thursday basically pierced through the Kumo, and essentially that has made things clearer for most of us. The ichimoku indicators just makes it so simple to see where the market is going and probably gonna go in the weeks to come.
It's definitely bearish from here on.
So I decided that I would enter into the market on Friday. Taking into account the trend for the week, it is likely that the market would sort of stabilize a little since there is a big support line that is the Kumo protecting it.
I sold a SPY Put Spread at $156/157 for a premium of $0.11 and placed a contingent order on price less than $157.10. The good news was the SPY went upwards and ended $159.07.
My trade expired worthless. I noticed something recently regarding my trades and that I have been greedy. In a way, I am trending on gambling as opposed to investing. However, if I don't take the risk, I would not be able to increase my profits.
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