what i meant was that i shorted SPY by "Buying to open" 200 strike puts.
Took a large short position at the close today.
Feb monthly 200 strike puts @2.20-2.30, 50 of them.
Plan to add as many more in the next couple of days.
Expecting a breach of 200dma and a waterfall soon.
2015 Estimates on Jan 8th... $125.95
2015 Estimates on Jan 15th.. $124.65
Forward P/E at 16.44
In 3 month, forward estimates have fallen 6% !!
Using 2016 estimates though which are $139.78 and a forward multiple of 15, the stock market could be at 2100 by year end.
Lot of ripple effect of this currency move yet to play out.
So far so good.
Nikkei futures are up almost 1%.
Let's see if it holds tomorrow.
New Year day should bring some buying.
207.50 calls expiring next week at $1.20
40 of them.
SPY at 206.30s