Options Trade Update!

6 days ago I made a post about an option trade! You can see the original post here: https://steemit.com/options/@nickh725/options-trading. In the post I explained how options trading works, and then I described a possible trade opportunity. The trade that laid out was a put option on SPY, ETF that tracks the S&P 500. At the time of the post, SPY was trading at $286.57 and you could purchase a March 2nd $287 put for $334.

Since then, the market has dropped rapidly, and SPY trades for $275.45.

The price of the March 2nd $287 put has risen from $334 to almost $1,200! :) That is almost 300% profit in less than a week! Congrats to anyone that was able to enter in on the trade! Looking forward, I expect we may see further decline down to about the $273 level. If it can't hold $273, then the next level of support is at $268.6. I will be looking to enter into a call position (betting on the market going up) on a move further down!

Thanks for reading! :)