The May $157 put options on SPY have been purchased earlier this morning for $1.05. Stop loss price is set. Goal for put is $3.00. Reasons for the purchase are:
- Chart top forming
- ADP numbers were not good
- Commodity selling before a FOMC (Federal Reserve) meeting
- Overall market negative sentiment growing
- Month of May is upon us
***Disclaimer - This is just speculation and not to be considered a recommendation to buy or sell anything. ***
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