I opened $SPY 20240607 529.0 P

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I opened $SPY 20240607 529.0 PUT$ ,📉 Observing market makers loading up on positive delta and negative gamma for the expiration term tmr. Furthermore, there are lots of negative gamma and positive vanna below 532. If price holds above 532 till tmr, then SPY should stay up. If not, strong bias to the downside till 529 (first intermediate significant price point to watch) and then till 527.5 (2nd point to watch). Overall, quite a blood bath if this happens! Opening this put as a general hedge just in case 🤞

SPY PUT

06-07 01:44

US20240607 529.0

Side	Price	Realized P&L
Buy Open	0.32	-- Closed

SPDR S&P 500 ETF Trust

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Lord_Kuberan
·06-07
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Im just wondering, whats your rule of thumb to close your option position?
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- jace0777:
  If SPY breaks below 532 - close 1 contract if SPY hits 529, and another when SPY hits 527.5. Close second contract at breakeven if not. If SPY stats above, let this expire
  06-07
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CecilFranklin
·06-07
Wow, impressive analysis! You've got a keen eye on the market. Good luck with your hedge! 🤞
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Aqa
·06-07
Thanks for sharing.Good luck. Liked and shared.
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Davidpcm
·06-07
Sharing
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Atwosome
·06-07
Good
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梓坚
·06-07
👍👍
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Tom Chow
·06-07
good
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","text":"Im just wondering, whats your rule of thumb to close your option position? ","html":"Im just wondering, whats your rule of thumb to close your option position? 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Close second contract at breakeven if not. If SPY stats above, let this expire","text":"If SPY breaks below 532 - close 1 contract if SPY hits 529, and another when SPY hits 527.5. Close second contract at breakeven if not. If SPY stats above, let this expire","html":"If SPY breaks below 532 - close 1 contract if SPY hits 529, and another when SPY hits 527.5. Close second contract at breakeven if not. If SPY stats above, let this expire"}],"verified":10,"allocateAmount":0,"commentType":"hot","coins":0,"score":0},{"id":314264703680816,"gmtCreate":1717745132548,"gmtModify":1717747139068,"authorId":9000000000000656,"author":{"id":9000000000000656,"authorId":9000000000000656,"name":"CecilFranklin","avatar":"https://static.tigerbbs.com/9fa4731ac634473d4f9e536afcd38ccc","vip":8,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":314063766466632,"type":1,"supId":0,"prevId":0,"content":"Wow, impressive analysis! You've got a keen eye on the market. Good luck with your hedge! 🤞","text":"Wow, impressive analysis! You've got a keen eye on the market. Good luck with your hedge! 🤞","html":"Wow, impressive analysis! You've got a keen eye on the market. 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Liked and shared. ","text":"Thanks for sharing.Good luck. Liked and shared. ","html":"Thanks for sharing.Good luck. Liked and shared. 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