SPY is the S&P 500 ETF. As the markets are breaking BULLISH today, SPY is tearing it up and killing all the Bears, with heavy volumes being traded, both in the Stock and Options markets. The consensus is that we could get a deal on the Debt Limit Increase and the Government Shutdown, over this weekend. If TRUE, the markets will GAP-UP big time on Monday, with the S&P E-Mini Futures convincingly breaking 1700 on heavy volume. This will in turn start a new trend, which coupled with the year-end rally, can take the S&P beyond 1800 to close the year on a euphoric high.
SPY offers retail investors/traders an opportunity to trade this move in the markets, with fraction of the money. Especially when you trade options.
I have a great options trade on SPY that can give you a 50% ROI within 2-3 Weeks. Not bad if you ask me.
Here is the Daily chart of SPY:
I recommend BUYING the Nov ’13 CALL Options on SPY @ 170 Strike.
The options are currently selling for $2.96
My target on SPY is $173.70
If SPY hits that target by the end on next week, you can easily make 50% ROI on this trade. Legitimately Awesome !!!
Price Target: $173.70