MES1! @3700: Structure & Path, Put Butterfly 4 Corrections 3550

SPX has rallied non-stop for 9 months, almost, produced a 41% gain that is twice the 1Q's gain. Covid April low is excluded, instead, the monthly average at the time is used as the base of the 2nd gain.

While not calling the timing of the correction from the over-extended market, I intend to position for Jan, Feb, and March with stacked puts or put butterflies.

Zero-interest or not, shareholders with the ultra-low-cost of IPOs (many of them are 10c or less) or shareholders with significant gains across the board, would want to lock in the profit eagerly as we are entering a new uncertainty.

The levels are 3550, 3400, 3225. The first one would be 3650/3550/3450 of Feb, for a longer duration.

For a hedge not too costly, PDS or Put Butterfly would be used to reduce the premium.