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Joined: 28 Dec 2005 Posts: 11958
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Posted: Fri Jan 14, 2022 5:56 pm Post subject: Next Week Trading (Jan 14th, Updated) |
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Next Week Trading (Jan 14th, Updated):
SPY closed at 464 3/4. It may be creating the right side of a bearish head & shoulders pattern. After the Santa Claus rally in late December and early January, SPY reached an all time at 480 and was between 475 and 480 for six trading days, which may be the head of the pattern. So, going forward, SPY may not rise much above 470 and fall towards 450 again, e.g. in early February. Over the next couple of weeks, it may trade between 460 and 472. If SPY rises to the high 460s, I'll sell the IWM calls and buy more VXX calls. Also, I'll start buying SPY puts. BABA may rise six or seven points. VERU may at least double sometime this year. I'm still too busy in the mornings to update and can only make quick order adjustments. Also, I have three option trading accounts. So, totals may be inaccurate till end of day -------- Update: If the VXX calls don't rise enough to sell much, I'll buy SPY and QQQ calls to hedge somewhat.
My portfolio is at $590,000 including $417,600 in cash.
Calls Contracts-Shares Long
IWM Feb 215 2022 50
VXX Feb 16 2022 50
VXX Mar 18 2022 100
VXX Jun 20 2022 140
BABA Jun 125 2022 10
VERU 2,000 shares
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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