The market is open, but it looks to be a snooze-fest, as most are heading out for a long weekend for July 4th.
It was a quiet week and we weren’t able to continue our hot streak with closing out another winning position.
The S&P 500 and Nasdaq 100 continue to ride the path of least resistance higher and hit new all-time highs.
And we could see continued momentum with catalysts such as; earnings, the Fed, and mergers and acquisitions (M&A).
Hot Money never sleeps, and we’ll keep on top of it for you.
Now, the CBOE Volatility Index (VIX), aka the “fear” index, is right at our key 15 level.
That means the path of resistance is higher, but expect an upcoming pullback to shake out some weaker hands.
Now let’s talk shop.
Here’s a recap of what we did this week.
Buy-to-open the EDU Aug, 2021, $10/$12.50 call spread
Buy-to-open the AMD July 16, 2021, $96/$100 call spread
Right now, we’re holding:
That’s all for today.
But as we head into this long weekend to celebrate freedom, togetherness, and the United States of America.
Let’s also remember our shared American history and the meaning of the day.
"In the truest sense, freedom cannot be bestowed; it must be achieved."—President Franklin D. Roosevelt
Now it’s time to head to the pool with a fresh jalapeno margarita - TGIF!
I'll have a new trade on Tuesday and have a great July 4th.
To your wealth, freedom, and options!
Joshua M. Belanger