A couple of notes. If anyone did the SPY calendar spread discussed a couple days ago, roll the short leg to avoid exercise due to the SPY dividend upcoming. As we discussed, rolling just picks up a bit more time premium in my favour, while I wait for further weakness which will widen the spread. As long as we head lower by May the rolls are beneficial.

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As for tomorrow Wednesday looks like we are in for a bit more rally. Our contra indicator shown which picked the top last week, while not at extreme levels, looks to be rolling over, which means higher prices in SPY short term. Letting this play out is my strategy as I believe it’s the latest short squeeze in a series, and ultimately the rally will fail and further weakness lies ahead.

Thanks,

Joe