Stocks roared higher this week, but this isn't a time to be buying long-term.
These spikes happen when there is a wave of buying pressure.
The pressure is caused by short covering, but it's temporary blip in the trend.
So if you're thinking about buying stocks right now, be careful. The market is still in a bear market and these rallies are bull traps.
I didn't make any moves this week and was patient.
Sometimes we need to wait for our pitch and be patient in markets like this.
The CBOE Volatility Index (VIX) which closed at 27.
That’s an decrease of 4 percent from last week's reading and indicates we will continue to see 100 point swings in S&P 500.
Now let’s talk shop.
Here’s a recap of what we did this week.
On Monday - Friday:
Right now, we’re holding:
- MRO July 15, 2022, $33/$37 call spread
- SLB July 15, 2022, $50/55 call spread
Have a great weekend and enjoy a fresh spicy margarita - TGIF!
To your wealth, freedom, and options!
Joshua M. Belanger