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Next Week Trading (Aug 6th)

 
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PostPosted: Fri Aug 05, 2022 8:31 pm    Post subject: Next Week Trading (Aug 6th) Reply with quote

Next Week Trading (Aug 6th):

SPX closed the week at 4,145. The 200 day EMA is at 4,186 and the 50 day EMA is at 3,996. I expect volatility into the CPI report Wednesday. However, with oil prices lower and SPX in an uptrend, next week will likely be an up week. Resistance is 4,227 (50% retracement of January high to June low). I may buy some SPY Aug calls on pullbacks, to hedge a little, or perhaps sell some puts. I expect SLB and BABA higher later this year. AAPL is up 27.9% from the June low, now at 165, and not far from its all time high of 182, while Nasdaq is up 19.8%. A substantial pullback is likely soon, although it could continue to rise in August first. Also, gains can be made on volatility.

My portfolio is about $1,795,000 including $1,404,200 in cash.

Calls Contracts-Shares Long

SLB 4,000 shares
BABA 1,000 shares
BABA Jan 100 2023 40

Puts Contracts-Shares Short

SPY Sep 410 2022 20
SPY Oct 410 2022 40
AAPL Oct 160 2022 40
AAPL Oct 165 2022 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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