Swing Trade Of The Day - Selling SPY Puts; Long AMSC, USO
I'm trying to exit the balance of my SPY puts as the market seems resilient despite some concerning signals (with a limit order, Investopedia has a greater execution delay with options so we'll see if I get filled). I cannot be stubborn so for now I will take the loss (an estimated additional 0.3% to the portfolio), while slowly scaling in some comfortable level of long exposure (not too heavy).
I've bought some AMSC with the stock looking to bounce off a small platform after another gap. The bigger gap from $28-$30 is still intact despite being briefly covered in three previous instances. Looks like a nice accumulation pattern as the MACD continues to hold above zero. The reward:risk from here is also good at about 3:1.
I'm also dipping into some USO which was one of my profitable trades earlier on (was able to ride it from $36 to $40). This is a possible continuation pattern with a clear stop loss at $39.20.
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