SPDR S&P500 (ETF) SPY – Options Update
We have got a very brief update for today’s newsletter concerning our fresh options trading idea from yesterday morning in the SPY Chain. We cautioned readers that after Friday’s market sell-off, we looked to be in line for a ‘dead-cat bounce’ for stocks, and that is exactly what occurred.
Our idea was to track the SPY Weekly $287-288.50 Calls as the markets reversed, and not only did we get the rebound we were after, but the gains persisted throughout the entirety of the session.
That made for some truly spectacular profit possibilities, especially the $288 Calls, which produced an epic intraday upswing:
SPY Weekly $287-288.50 Calls
$287 Calls – Range: .17-1.35 – Max Gain: 694%
$287.50 Calls – Range: .05-.91 – Max Gain: 1720%
$288 Calls – Range: .01-.43 – Max Gain: 4200%
$288.50 Calls – Range: .01-.07 – Max Gain: 600%
____
Updated Idea:
We would like to update this SPY idea to stay close to the action, and will be tracking the
SPY 08/28 $288.50-290.50 Calls through today and into tomorrow.
Extended Watchlist:
USLV, PZZA, TNXP, JNJ, PIR, OSTK
