One Option Trading Blog http://ift.tt/1MB7fWV Posted 10:00 AM ET - Last week, the market probed for support and SPY $192 was breached. That was a major horizontal level and the selling pressure accelerated Thursday morning. Once the low was established, I bought SPY calls and I took my largest overnight position of the year. Bearish sentiment had reached an extreme and shorts were vulnerable to a squeeze. I expected to hold my call position for a few days. The S&P 500 gapped higher Friday and it looked like a nice rally was underway. Janet Yellen said that the Fed still wants to raise rates this year. …
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