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Next Week Trading (May 6th)

 
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PostPosted: Fri May 06, 2022 1:12 pm    Post subject: Next Week Trading (May 6th) Reply with quote

Next Week Trading (May 6th):

SPY and QQQ price action were very volatile today, which normally happens at bottoms. Also, SPX held the 2022 low today, set Monday at 4,062, traded between 4,068 and 4,158, and closed at 4,123. We may go lower, e.g. 3,800 to 4,000, but may bounce first, e.g. to 4,300. I planned to get off this rollercoaster for a while, but the big drop Thursday brought me back in, although a volatile market is a forgiving trading market. If SPY or QQQ opens low or falls Monday, I'll buy more calls, including perhaps Jul calls, and BABA calls and DNA stock. Volatility should continue to trade. If the market falls, it may do so quickly and bounce back strongly. I plan to take a break from trading soon and get back in on lower moves, e.g. SPX 4,000, or buy a little insurance at 4,300 or higher for a potential big drop.

My portfolio is about $1,265,000 including $1,187,500 in cash.

Calls Contracts-Shares Long

SPY Jun 410 2022 10
QQQ Jun 310 2022 20
BABA Jun 90 2022 20
DNA 6,000 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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