$SPY SPX S&P 500 Chart, Short Trade
I sold SPY calls yesterday and I’m now short (SPY: 187.81 -2.15%) via Dec 2014 puts.
This is based on the overbought levels and a few other indicators, like a very high number of stocks above their 50MA and a very low VIX.
It’s not a fundamental case and I’ve got no opinion as to what the economy is or isn’t doing. I just think at this point it’s a higher probability trade than being long.