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Anything could happen in this volatile market.
We want to make sure we are reading the charts and paying attention to the moves the market is making so we can make the best prediction.
Looking at the SPY on October 26, 2022, the stock is currently in a downtrend. We had previously hit resistance back in the middle of August, and then it turned and started it’s downward trend. The SPY ran up a little bit on October 26th but then ran back down.
Because the market is in a downtrend, it’s a great time to look into put options – so I placed an order for 20 contracts at $10.33/contract.
The next day, October 27, 2022, we reviewed the SPY to see how the market was trending and to check on the put options I bought.
I was able to sell the 20 contracts for $12.35/contract, bringing in around $4,000 – about a 20% profit in 24 hours.
There was a chance I could have made more – but we never want to be greedy thinking about the “what if’s” – if you can take profit, take it. It’s not worth the risk, because the market could turn around and you could lose it all.
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Image and article originally from thebrownreport.com. Read the original article here.