TIF – Update Trade Questions

I’ve been trying to figure out how to manage this TIF spread I wrote about yesterday. That bear spread would have been better today. It would have cost about ~$1.40.

$TIF topped out at a resistance of $73 today, then pulled back. It looks like you might see resistance at $78 in the short term and it filled a gap today. I still like the short setup.

The question I was asking myselft today was: do I wait for this to test the $73 resistance before adding to the 65 puts? Or do I add some more, at $72? I might be wrong, this is a bit of a long shot, but I’m looking for $TIF to retest the $65 level and fall below.

I don’t buy the bull’s argument today, and expect some more downside. The rumors and optimism out of Europe seems pre-mature. Nothing concrete has changed, no plans have been presented, nothing but a press conference and property tax increases in Greece.

As I’m writing this I can see the correlation to the S&P, and in fact you could play the S&P as well, but…