Big turnaround in the last 15 minutes of the trading day. I anticipated yesterday that we will see the market moving up but most of the day it was down.
Given that the VIX is also lower, we might see the market moving further up tomorrow but then I would prepare for the bears to take over again so I rolled down some of my call positions today.
So what's my trade for today?
#GM (#GeneralMotors). It's purely a safety zone. The majority of the experts are expecting a market collapse so one of the best stock to short are the automobile stocks. Shorting the stock would be a lot more expensive and risky than selling a call option far out of the money so I sold the Oct $45 call.
GM Monthly Chart
Trade Type: Short Call
Expiry: 21 Oct
IV Rank: 44.6
Cap Req: $388
Annualised Prof at Expiry: 96%
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