Markets screamed higher on news that Hurricane Irma wasn’t catastrophic and that North Korea tensions have eased. So not bad news is now good news. Stocks at basically all-time highs and implied volatility (option prices) nearing historic lows. With seasonality entering a bearish period, let’s add some SPY puts on the open tomorrow and play for a counter trend reversal.
Buy to open SPY October 249 puts at 3.00 or better.
These expire 10/20/17