-SPY ended this past week flat, but the dips did allow us to buy the NOV 117/121 call spread for under $2.00. This spread ended the week worth $2.10, which shows the advantage of buying premium when implied volatility is low. I would expect the market to show greater movement after the elections on Tuesday.
-The question I have to ask myself is whether I am going to add to my long position or exit out of my call spread. At this moment, it is tough to call. Technical indicators are still in bullish territory, although the bullish energy seems to have weakened once again.
-I would look to add if SPY closes above 119.2 and exit out of my long call spread should SPY close below 116.9.
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