On July 22, 2015, I noted, “The worst is far from over.”
I recommended a buy on the DIA November 2015 177 put up to $6 with that note. Since then, the Dow fell another 300 points to the downside.
Still, the worst is far from over…
The Dow just broke previous support and could easily plunge to 17,250 unless something miraculous happens.
Our DIA put now trades at $7.75. I’m recommending that you sell to close half of the position to secure gains today.
As for new trades, I’ve had my eye on Facebook (FB) for quite some time. Now well into overbought territory on RSI, MACD and Money Flow, I’m recommending that you take a small position in the FB September 2015 92.50 put up to $5.
We’ll talk again soon.
Until then, take good care… and be safe out there.
Ian L. Cooper
Forgotten Profits