Since my ACH cleared just this morning I was anxious to make a trade (probably not the best mentality for trading but I couldn't resist). I figured if the market rallied up, I would buy to open some protective puts on SSO (the S&P 2x ETF) or the market continued to decline, I would sell my first put and pocket some nice premium (see previous post).
So now I've got a decently priced put on ERX, in a market that is clearly in a downtrend. What I would really like is a nice rally on Monday to lower the premium on those SSO puts and have some protection for a decent price while I continue to search out some new opportunities for selling puts.
My next trade will proably not be on a 3x ETF, as I will be working on trying to diversify my holdings with some stronger stocks.
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