The market had shown a few distribution days in the last few weeks. IBD declared market in correction on last Thursday on 8-14. In the afternoon of last Friday, SPY fell below my stop level around $166 as posted before. So I decided to exit the bullish position trade of SPY on Monday morning as it did not rise at higher volume. Due to an technical issue of the ProphetCharts, my trade did not get posted yesterday.
I noticed the market was in an oversold condition as SPY were sitting around the 50DMA and the lower band of the bollinger bands and the VIX reached the top level of its bolling bands, ... This is kind of typical for my stop levels, which I'd like to honor as part of trading rule. If the market turns uptrend again, I'll consider a new bullish position trade. Otherwise, I'll look for opportunity to initiate a bearish position trade.
Since I'll be on vacation sometime at the current option cycle, I'll not trade the high probability option income trade for this cycle. But I'll spend some time to analyzer previous trades and post my reviews here.