All day the market struggled. It opened with a run up to 10,361, and by 2.30 p.m. had already moved to 10,175. Oil led this game, as analysts began analyzing crude inventory reports, and energy stocks suffered.
We are at a turning stage in the market, and simply follow news to see how the market will do. Not the time for the investor. We saw strong downside begin in the after 3.30 p.m. hour, leading the market down over 100 points.
The key to trading is watching the nuances and when the "same thing happens over and over again." This, with an option, is called "falling in love," when you know it intimately. We are this way with the Dec 490P already, learning in nuances.
Downside we believe will be limited before the market rebounds. We'll hold with our open put, now already profitable, and end the week on another profitable and good note.
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