What a nice week we’ve had! We traded mostly on the upside as the market bounced. But, we also caught a couple nice trades on the downside as the market consolidate towards the end of the week. 100% of our closed trades were in the GR$$N:
BA provided us with a nice overnight +114% on its earnings. PNC and WYNN were solid trades. GOOG calls were a nice quick intraday play. We are making some good adjustments. We were not trading weekly options much any more. The high-speed programmed trading is making those trades very difficult. So, we are giving ourselves more time on the options, and the results have been very good. Much more patience is needed in the present market environment.
The bulls and bears are fighting it out here in this 50-SPX-point range (1540 to 1590). We have been zig-zagging up and down within this range all month. On Thursday, SPX tested 1590 again, but, still could not break through. More earnings are coming in next week. Friday’s stutter was not very encouraging. We take a closer look at the market on Sunday in my weekly Market Forecast.
Have a great weekend and HappyTrading! ™