New Trade $SPY: From Decisive to Divisive

by Dan November 6, 2012 3:03 pm • Commentary

Not too much new here, but I am not really sure why we are up 1% today, possibly because it is becoming increasingly clear that we won’t have a stalemate in the presidential election? As I said this AM, I think we will likely go from a decisive victory tonight to a divisive “fiscal cliff” debate for the balance of the year in the Lame Duck Congress.  I think there is a decent chance of near term weakness under this scenario.

New Trade: SPY ($143.11 ) Bought Nov17th 142 Puts for 1.22

Break-Even on Nov17th expiration 140.78

– I will look to leg into a put spread on any weakness.