I’m sure you’re aware of what’s still happening on Wall Street.
On Friday, we were up 260 on the jobs report.
Unfortunately, there’s not much truth to the report. If you want to see real numbers, look at the U6.
Today, we’re down 65, sitting at the upper range of the channel. We’re still stuck between 18,200 highs and 17,600 lows. Unless we see a break above 18,200, which I don’t think is likely, we could dive about 400 points lower, testing prior triple bottom support. It’s all a wait and see.
But with history as a guide, I’m willing to bet on immediate-term downside. The best way to profit from that is with another DIA put.
Consider buying to open the DIA June 2015 180 put up to $3.20.
We will talk again shortly. Until then, hold all open positions. And remember to be safe in this market. The chaos continues.
Take good care,
Ian L. Cooper
Inside Value Trader