Does This Market Rally Have Legs?

July 22, 2022

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.


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


  • 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

Joshua M. Belanger
Joshua Belanger is founder of CounterVest and the editor of Hot Money Trader. He has been providing ordinary investors blockbuster returns since 2008. In 2018, the average return of Hot Money Trader beat the markets by over 15%