I have been writing for a few weeks now that I am beginning to get bearish on the market in the short term. That doesn't mean I am bearish on the economy on the market, it just means that I foresee a correction coming, and I want to profit from it. As such, here is what I am going to do...
I have an order in to purchase a January 2011 SPY (Ticker - $SPY) $127/$120 PUT spread at $2.86. As you know, the SPY is the ETF that tracks the performance of the S&P 500. If the order fills today, I am going to add four positions to the portfolio, using about $1,144 of my available cash.
You can follow me on Twitter to get the status on this trade. I will be updating this space in the next few days to fill you in on the portfolio's progress. Happy trading!
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