With Friday’s October 18th expiration in view we are now in the home stretch. This edition of the HiPOS trade was interesting in that we entered the position at the recent highs of the market. We also used a short put strike lower than the normal market calculations would have suggested.
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After several days of selling the S&P 500 Index firmed up a towards the 2910 level on Thursday’s close. With 10 trading days left until expiration day, the index remains about 8.5% above the short out of the money 2650 put strike price.
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When our latest edition of our HiPOS conservative trade was entered the S&P 500 Index stood at 3020. Intraday Thursday we see the market hanging around the 2975 level in what I would call a bit of a meandering market.