How far out in terms of dates do you like to but puts or calls when making this play?I made my first play on this with a 10/19 put and it has not done well. You did warn us that it would not work every day!!!
After getting burned today, I went for it again. I think the fact that the sell was ongoing for a while might have made it less solid. Today we ended with a very fresh turn. Also I am hedged, by being long a couple of things I found via evolution. XRT and CSCO
I wouldn't do the same day, and I end up doing a wide variety, but usually in the 1-2 week range. It's more accurate for just the open, and then it might stay the same or change early on. This opened barely higher than the close, but there was a market break :( which ALWAYS sends the market upwards. I lost money with you on this one. I hope you saved enough back to fight another day. If it makes it back up to that penant I drew awhile ago, it might be a good turning point.
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Thank you Joe. I'll try again very soon!