Attempting to objectively look at the market scenario, a legitimate case can be made that the SP500 will decline, at least to the 62 SMA. (Hence, I did not close out my protection yet.) The SP500 is acting weak around the 14SMA, and the decline to the 14SMA support did not produce the increase in the Vix I was looking for.

I am looking to the Vix to find out when to close out my market protection. I am looking for the Vix to approach 20-21. Or, when I feel the individual names I am protecting (IBM, GS and COST) are at levels that should not merit protection. (I have AAPL and GOOG calls, but they are not protected.)

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