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Jan 24th Trading Log (Tue Trading Plan)

 
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PostPosted: Mon Jan 24, 2022 1:40 pm    Post subject: Jan 24th Trading Log (Tue Trading Plan) Reply with quote

Jan 24th Trading Log (Tue Trading Plan):

SPX traded between 4,222 and 4,418, closing at 4,410 - 12 points higher - today, and closed 20 points below 200 day MA. Given the market is still oversold, e.g. daily NYMO up 6 to negative 79, daily SPX RSI below 30, extreme bearish sentiment, etc., I plan to buy SPY and QQQ calls on pullbacks, although fewer at a time than today. MSFT earnings is tomorrow after the close and the Fed announcement is Wednesday. I think, when oversold conditions become neutral, there will be a test of the low. SPX 4,500 is resistance, although technical indicators suggest it could go higher, but they've been much less reliable. More volatility is likely, although perhaps not as much as the 100 point SPX range Friday and almost 200 point range today. SPX completed a 12.4% correction, since early January. A volatile market is a forgiving market, particularly when it moves fast, which is favorable for trading options, although implied volatilties are higher.

My portfolio is at $720,000 including $631,500 in cash.

Calls Contracts-Shares Long

SPY Feb 420 2022 10
QQQ Feb 350 2022 20
BABA Jun 125 2022 10
VERU 4,000 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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