Then – Aug. – and now charts, as usual;
Timing is everything where stocks are concerned. When it comes to options timing is absolutely everything. It looked like a sure thing back in August as everything suggested a wave b or 2 was about to complete. Not so. First we needed a new high courtesy Mrs. Yellen at Jackson Hole. Our Sept. put with a strike of 585 at $4 with a target of $560 would have done just great if it had not expired! The November option with the same strike is presently trading above $30. It can be terrible frustrating when you are right (which we were not) and you still lose money, that is why you should be prepared to do many options.