Happy Friday!

The S&P 500 was able to climb higher with summer trading in full swing. 

And the question on everyone's mind is whether this rally has legs?

Yes, we should see a continued rally for the next several weeks...

...But it's going to be bumpy.

We've seen a positive reaction to the start of earnings season, which has investors more optimistic. 

Luckily for us, we were able to close out back to back trades for HUGE triple-digit profits!

As we discussed our plan going into this week, we were going to be a little more aggressive with our bullish trades.

Keep in mind, we're still in a bear market; so let's be nimble and quick. 

The CBOE Volatility Index (VIX) which closed at 23.

That’s 1 point decrease from last week, but indicates we will continue to see 100 point swings in S&P 500. 

Now let’s talk shop.

Portfolio Update

Here’s a recap of what we did this week.

Tuesday:

• Buy-to-open the BBWI Aug 26, 2022, $33 call
• Sell-to-close the GPS Aug 26, 2022, $9 call

Thursday:

• Sell-to-close the BBWI Aug 26, 2022, $33 call
• Buy-to-open the BBBY Nov 18, 2022, $7/$13 call spread

Right now, we’re holding:

• BBBY Nov 18, 2022, $7/$13 call spread

Have a great weekend and enjoy a fresh spicy margarita - TGIF! 

Joshua M. Belanger