IWM Pull back
Yesterday Was a huge pop up, but with all the big moves up and down, you have to wonder. Is this the top or is this the nearing of a top, or is this going to continue up. Well I don't really know, and this is what I see.
If my chart posts today, you can see that IWM went all the way down to the 50 moving average, and popped back to close above it. Then it had a huge day, and went up to the 20 to just close below the descending trend line.
I put on a couple of long put calendars at the strike of 122 for the long side, and the strike of 114 for the short side.
Hoping to scalp a couple of bucks, but also if I catch a big down day I will also take it.
But I feel we will at least pull back a bit, even if it is only a intraday move.