The SPY will NOT go down people! Won't do it! Ain't happening!!
So in light of that deep revelation - I took advantage of this morning's dip and closed out my SPY May 188/189 call spread for a tiny little $25 gain. At one point in this trade I was up $165, however on the flip side I've been down as much as $75! The bottom line is this - I absolutely did NOT want to see this winner turn into a loser. And since I have NO idea where the SPY is headed in the short term - I booked my small profit and GTFO!
I'm still bearish on the SPY, as my June 189/190 call spread will testify. I just have no clue when we're going to get this pullback.
It's got to happen at some point before mid-June, right?!?!