Getting started trading the hottest asset on the planet
could be as easy as clicking here.
Before we dive in today…
Here’s another photo from my trip up to Colorado. This cactus was blooming right outside the place we were staying.
Not exactly postcard material, but this little cactus blooming in the dirt outside our cabin still made me stop and take a picture.
Something about it just felt right… peaceful, steady… Unlike this market.
As I told you yesterday, there’s already plenty of chaotic forces swirling around in the market.
And now this morning, job openings came in light…
And just to add some spice, Trump threatened more sanctions on Russia — which perked up crude prices above $67.50 and helped push the market lower.
Now, I’ve had a few folks ask if it’s time to buy puts on SPY yet…
Especially after what I said on Profit Panel yesterday about a possible correction.
Short answer? Not yet.
The market’s definitely frothy, and we’ve got a lot of key events this week — including the Fed tomorrow — so I’m watching closely.
But as I said, I’m not ready to buy SPY puts yet.
If the S&P futures (ticker /ES) breaks below 6350… That’s where I’d consider taking action.
And if that happens, here’s a simple way I’d look to get downside protection:
Sept 19th SPY 530 puts, ideally around $1.00 per contract.
Nothing fancy. No leverage games. Just a little insurance policy in case we start slipping.
Of course, if we bounce from here, no harm done — just keep the idea in your back pocket.
I’ll keep you posted as things unfold.
Stay sharp,
— Geof
