The Dow in the morning went up due to the housing data. It went up almost 100 pts, close to our stop. However, it quickly reversed towards late morning. We closed down 85pts! Since we determined to enter the trade last night, the entry occurred this morning. I actually entered when the Dow was up 30pts.
My preference for this trade was a selling a Dow mini-future along with purchasing some put options. At the end of the last 10 minutes, there was a lot of buying that was occuring. As a result, I am going to close out my trade to PRESERVE my profits. I am not going to let greed take my profits.
Here is the chart for today.
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