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.
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