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Joined: 28 Dec 2005 Posts: 11966
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Posted: Fri Nov 11, 2022 5:43 pm Post subject: Next Week Trading (Nov 11th) |
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Next Week Trading (Nov 11th):
SPX closed the week at 3,993. A significant resistance level is the (declining) 200 day MA at 4,081, which was August resistance. SPX will likely be in a upper trading range, e.g. 3,950 to 4,100, next week, and there will be opportunities to capture some gains, e.g. on three to five point SPY moves. I'll be busy in the mornings. However, I'll continue to buy SPY puts on market bounces and sell some on market pullbacks. A recession is likely next year, although SPX may be in an uptrend over next few weeks. I'll also buy BABA and TLT on pullbacks, and keep some BABA calls when earnings reported Thursday. I've actually wanted to take a break from trading, but found myself too involved. I may be out of the market soon and just wait for an excellent opportunity.
My portfolio is about $2,405,000 including $2,057,200 in cash.
Calls Contracts-Shares Long
TLT 2,000 shares
BABA Jan 65 2023 50
BABA Jan 70 2023 20
Puts Contracts-Shares Short
SPY Feb 400 2023 20
SPY Mar 400 2023 20
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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