Well traders, nothing like a HUGE day right out of the gate to make things exciting. The $NDX soared over 28 points today on M&A excitement, plus I am sure the run up on all indexes was exacerbated by some very unhappy Bears who had to do some short-covering (Sorry TraderTim) !
So, what was the damage? Actually, not much. I am still over 50 points to my upper roll point (1785), and the $NDX will have to break through some tough resistance at $1750 to get there. I am hoping this was just some pre-election excitement and that it will hit resistance and gently fall off the next few days to around $1700. That would make me a happy camper. However, if more "irrational exuberance" is shown on the $NDX, I'll be ready to roll the trade.
My December Condor is still plenty safe. I am still over 95 points to my upper strike and over a whopping 160 points to my lower strike, so no worries. Yet.
Happy Trading!
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