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Joined: 28 Dec 2005 Posts: 11966
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Posted: Fri May 20, 2022 12:49 pm Post subject: Next Week Trading (May 20th) |
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Next Week Trading (May 20th):
SPX closed one point higher at 3,901. The weekly SPX RSI is 30, which suggests SPX will either rally next week or have a ninth down week in a row. If SPX falls next week, it'll likely do it quickly and perhaps substantially (a capitulation?), then recover most or all its losses the following week, and rise thereafter. Volatility can make some big gains quickly. I basically plan to continue trading the same calls. SPX may reach 4,300 next month. I'm still busy in the mornings, but have time to reset two or three limit orders.
My portfolio is about $1,470,000 including $1,377,700 in cash.
Calls Contracts-Shares Long
SPY Jul 390 2022 20
AMZN Jun 2,200 2022 3
IWM Jul 175 2022 20
BABA Jul 90 2022 20
Puts Contracts-Shares Short
None
Portfolio at $100,000 on March 1st, 2018. Portfolio stop loss suspended. Scaled up and adjusted portfolio. Both prior portfolios, since early 2000s, rose initially and substantially, and then failed quickly in “irrational” market “melt-ups," where stocks can go straight up month after month. |
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