Today is marked by adding new positions for Oct. All types of strategies should be applied today. Verticals, calendars, butterflies, and even diagonals if your plan includes diagonals. Its hard to say where the market will head, but Fridays post was right on the money, we hit resistance. We could pull back from here, but I would not be surprised if we were to lift from these levels due to under invested retail and institutional investors. One thing to keep in mind is this Friday we have a triple witching which could make price action and market direction difficult to predict. Today I will be working on setting an income butterfly and some more credit spreads.
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