SPY @ $437.00
KRE @ $62.10
With the selloff today due to China and their Evergrande or )whatever the name) issue - my shorts have become profitable. I'll put on stop losses to lock in some modest gains while hoping they don't get triggered and continue to work as trades.
For this kind of a trade/stop-loss, I set the order above the high of the day. Both have made big moves down at the open. If they have a "reversal" today, that's a sign the trade might not work the next day and beyond.
I can now go about my day knowing that these trades will pay me even if the market turns around.
I don't know what to make of the contagion risk from this. But spiderwebs of debt don't end in a few days - and who knows how much it will affect the world.
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