The Slope PLUS post I did on June 9th pegged, ALMOST TO THE SECOND, the top in the Russell 2000 index. Since then, we’ve been weakening.
Observant readers may recall that I wouldn’t stop bitching about selling my QQQ puts too early. What I haven’t mentioned is that, over the past few days, I’ve been building up the exact same options position (again, July 21st puts, these priced at $142) against the IWM. I solemnly pledge not to completely bungle the exit on these.
As a reminder, I haven’t traded options in ages, and unlike you fancy folks, I am just a dumb old bear who buys puts. My little account is up about 40% since I started just a few weeks ago, though, and hopefully this IWM trade will make up for my “left too much on the table” QQQ trade. Here’s my fingers-crossed anticipation: