Like a lot of longs, I got spanked today. I vaguely remember a financial book from the 1980s, the go-go days of the Nikkei when it was 40,000. It was about a financial market crash precipitated by a massive Japanese earthquake. I don't remember the title.
I am hoping that today's wild witching Wednesday action was related to option expiration this Friday. A few more days like this and I will be in trouble, because of all the layers of short SPY puts I have on. If the 123 price level holds for this option cycle, I can rest a lot easier. There is a minor shelf of support at SPY 125.
I was tempted to sell some SLV puts early this morning. Good thing I did not, as it too turned tail.
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