And our independence!
The July 4th weekend is the greatest weekend for every American.
Despite the stock market having it worst 6 months in the last 60 years.
There's no better place to be living or invested.
Unfortunately, this decline in the stock market has been 20 trillion lost in the last 6 months.
The market is setting up for a face ripping market rally, but we will then see it roll over and break recent lows.
So if you're thinking about buying stocks for the long-term, be careful. No rally should be trusted, they're bull traps until otherwise.
Last week, we talked about waiting for our pitch and patience pays off.
Our newest trade (CTPH) is up 50% and I'm looking to cash out for max profits next week.
The CBOE Volatility Index (VIX) which closed at 26.
That’s unchanged 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 Wednesday: Buy-to-open CHPT July 22, 2022, $13/$10 put spread
Right now, we’re holding:
- CHPT July 22, 2022, $13/$10 put spread
- MRO July 15, 2022, $33/$37 call spread
- SLB July 15, 2022, $50/55 call spread
Have a great July 4th weekend and enjoy a fresh spicy margarita - TGIF!
Joshua M. Belanger