Bookkeeping: Selling Half of Index Positions as S&P 500 Runs to 1170

By Trader Mark
17 March 2010 @ 01:53 pm EDT

I am selling half of both the TNA ETF and SPY April 116 calls I bought yesterday morning as the S&P reaches my target of 1170. (just below)

I was hoping to catch a "16" point move on the downside this 4 week period if S&P 1140 was broken Monday.  Instead I caught a 16 point move to the upside as we entered over 1154 and now we have 1170. 

The 2nd half of both positions will be sold on a break below 1165 so I can preserve profits.  If 1170 is broken to the upside I'll let the other half run.

Copyright The Fund My Mutual Fund. All rights reserved.

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