Since last week, the stock market showed some weakening signals:
1. SPY & QQQ prices drops
2. 7 distribution days on Nasdaq
3. Stock market leaders FFTY continued to retreat
4. New highs - new low index topping
4. MACD/STO signals dropping
The SPX prices have not broken the up-trend yet. So I decided to hedge with short calls on my SPY & QQQ long call option. The short Delta of the call were raised to 0.33~0.34 as the probabiliy of a significant pullback is a bit high.
The chart shows the selling of the DEC 8, 2017 $155 CALL.
Created with ProphetCharts®
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