ACTION:

Buy to open the SPY July 200 weekly puts (SPY150710P00200000, $0.45, up $0.08) at current levels.

Dear Momentum Options Subscriber,

I don’t play blackjack, but I do know that you can buy “insurance” when you are a little nervous on what the dealer is showing.

I have spent the afternoon preparing to do my weekend homework, and today’s action is calling for an insurance play.

 

S&P 500 SPDR ETF (SPY, $210.69, down $1.05)

Buy to open the SPY July 200 weekly puts (SPY150710P00200000, $0.45, up $0.08) at current levels.

With the VIX clearing 13.50 and the fate of Greece possibly being decided on Monday, I like these put options as insurance to play a possible pullback. I will provide the parameters of the trade in Monday’s Pre-Market Update.

Note: These are the weekly put options, so be sure that you select the weekly options that expire on July 10.

 

All prices given in this update are current as 3:20 p.m. EST.

I hereby disclose that I will be participating in the aforementioned trade(s). Every new Momentum Options recommendation is listed with the price at which I entered my own position. If the price is slightly different than my recommended entry or exit price when you receive the alert, don’t let that keep you from getting into or out of a trade. Occasionally, you might even get a better “fill” price than what is posted in the Open Trades and Closed Trades.

Trade on!

Rick Rouse
Editor and Chief Options Strategist
Momentum Options