Live: Monday, March 9, 2020

3:40 p.m. New York time

I’ve exited my shares position in SDS for a $32.19 credit, up $3.23 from the entry price, producing a return of 11.2% over three days, or a +1,357% annual rate.

2:35 p.m. New York time

What I originally labeled as lot 6 of my SPY positions this year should have been numbered lot 5. I’ve corrected this post and the analysis post.

11:15 a.m. New York time

I’ve updated my SPY Analysis (lot 4) posting with results and also posted an analysis for today’s entry, SPY (lot 5).

10:30 a.m. New York time

The markets opened with a powerful push to the downside, almost immediately triggering one of the market circuit breakers that halted trading for 15 minutes.

By my count, the S&P 500 is in the Minor 3rd wave of an Intermediate 3rd wave, which tends to be a powerful combination.

My trades during this phase of the new bear market are limited to short bear call spread positions on SPY, an exchange-traded fund that tracks the S&P 500 index. My options holdings are spread across several brokerage accounts.

I exited my holdings from one account, SPY Lot 4, that I had entered last Thursday, and I entered a new position in another account, SPY Lot 5, after the market resumed trading. All of this within the first half hour after the opening bell.

I plan no further trades today. I’ll defer until tomorrow, or later, trades using the funds from Lot 4 to create a SPY Lot 5 position.

I shall post the results from the Lot 4 exit and analysis of the Lot 6 entry later this morning.

All of the SPYs so far expire April 17. I also have eight short iron condor positions that I entered before the February 19 market downtrend began. They expire March 17 and are poised to lose the maximum possible. They require no action this week but will next week.

By Tim Bovee, Portland, Oregon, March 9, 2020


Tim Bovee, Private Trader tracks the analysis and trades of a private trader for his own accounts. Nothing in this blog constitutes a recommendation to buy or sell stocks, options or any other financial instrument. The only purpose of this blog is to provide education and entertainment.

No trader is ever 100 percent successful in his or her trades. Trading in the stock and option markets is risky and uncertain. Each trader must make trading decisions for his or her own account, and take responsibility for the consequences.

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