July 16, 2010 Market Recap

I mentioned in my blog yesterday that all the markets were hitting the downtrend line. As well as the 200 day moving average. I was anticipating a move today. I actually set a trade to buy to 110 calls for SPY if the S&P 500 crossed 1100. It had been hitting resistance and I thought it would go up if it broke that resistance. It didn't break the resistance. I had also thought about a 108 put on the SPY. I would have done well with the 108 put. Just didn't get is set. I probably could have made 25% on the trade just today. I will continue to watch the market especially if it looks like it is going to set up a good move.