Markets were quiet this week.
We started out a little soft today, but the averages continue to drift back and forth like a leaf blowing in the wind.
We should see action pick up next week with August options expiration on Friday.
Statistically, broad markets drift higher on monthly expiration weeks.
There doesn’t seem to be too much fear going into the weekend.
The fear gauge for the S&P 500, known as the CBOE Market Volatility Index (VIX) is holding at 21.
That is the lowest level from the March peak.
Volatility is still elevated and will continue to see markets whip around.
Patience and persistence are essential to keeping us on track.
I must admit that being patient has been a challenge as well.
My fiancé (Nicole) and I have our wedding on September 12th at the Trump in Chicago.
It’s been a lot of extra challenges and frustrations over the last several months.
But as I told her, let’s stick to the plan and we’ll get through it.
So, 29 days to go, but let’s get back to business.
Right now, our open positions that are sitting in the red.
Two of them set to expire next Friday.
Our CHL calls are on the dance floor and hopefully, it makes another big jump higher.
We have limited risk options with a lot of upside potential, so we’re sitting tight and letting them play out.
The only thing is that time is not on our side, but a quick move will cause these options from red to green quickly.
On Monday, we added our newest position:
Buy-To-Open Snap Inc. COM (NYSE: SNAP) Aug 28, 2020, $23.50 call (SNAP200828C00023500) up to $0.68 per contract or better, for the day.
Right now, our open positions are:
- Nordic Amer Tankers (NYSE: NAT) Oct. 16, 2020, $5 call (NAT201016C00005000)
- China Mobile LTD ADR (NYSE: CHL) Aug. 21, 2020, $40 call (CHL200821C00040000)
- Box Inc. (NYSE: BOX) Aug. 21, 2020, $20 call (BOX200821C00020000)
- Cameco Corp. (NYSE: CCJ) Sept. 18, 2020, $12 call (CCJ200918C00012000)
- Snap Inc. COM (NYSE: SNAP) Aug 28, 2020, $23.50 call (SNAP200828C00023500)
Now we wait and let the market come to us.
And I’ll be keeping you updated every step of the way.
I’m looking forward to answering your most pressing questions this Wednesday.
If you want yours included, send yours to [email protected]
Have a great weekend.
I’ll have a new trade for you on Monday.
To your wealth, freedom, and options!
Joshua M. Belanger