I don't know about you, but I love the smell of sulfur and watching the cloud of smoke move through the night sky after a great firework display.
On a shortened trading week, we had a shaky start, but after stumbling we got a good ol' stock rally.
This rally allowed stocks to finish the week higher even after some better than...terrible economic data.
Heck, some are even talking about that inflation peaked in June.
Well, that's all noise because we're still in a bear market regime.
That means we need to stay nimble and act, which allowed us to put two more winners on the board.
Now, they weren't big ones, but profits tend to be smaller in bear markets.
So we never want to outkick our coverage and watch winners roll over into losers.
The CBOE Volatility Index (VIX) which closed at 24.
That’s a two point drop from last week's reading, 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.
Sell-to-close CHPT July 22, 2022, $13/$10 put spread
Buy-to-open SNAP SNAP July 22, 2022, $16/$22 call spread
Buy-to-open META July 22, 2022, $185/$205 call spread
Right now, we’re holding:
- MRO July 15, 2022, $33/$37 call spread
- SLB July 15, 2022, $50/55 call spread
- META July 22, 2022, $185/$205 call spread
Have a great weekend and enjoy a fresh spicy margarita - TGIF!
Joshua M. Belanger