S&P 500 backed down below 900 today. In particular, 890-900 seem like a vital pivot point from intraday action. Since SRS popped 10.45% today already, I have done something which I should have done when I wrote this put for SRS for \$6.10 in April 9th. That is, adding a stop. My stop to buy back this put is set at \$11.90, or effectively about \$23.3 for the underlying SRS shares. The closest intraday support as of this moment is \$23.40 for SRS shares, just when S&P500 retraced back to 895 or so. But SRS quickly regained footing to \$23.70+ (another pivot).
I am putting a loose stop for now because there seems to be more momentum for this market decline from the intraday sentiment. I'll update my stop as we approach the close today. Since this option expires Friday, I need to get rid of it one way or another before it does.
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