Dear Trader,
Happy Friday!
Last week’s relief rally continued to see sellers whack it back down.
The major averages closed near this weeks lows as volatility continues to stay elevated.
But market volatile markets create a lot of fast profit opportunities
And we cashed out a 190% profit in Occidental Petroleum Corp. (OXY)!
In bear markets, it’s important to stay focused because we can make money.
Let’s talk about the CBOE Volatility Index (VIX), aka the “fear” index, which closed at 21.
That’s a 2 point increase from last week's reading and that means we’re in a bear market regime, so expect to see rallies like today to be sold.
Now let’s talk shop.
Here’s a recap of what we did this week.
On Monday:
OXY April 08, 2022, $59/65 call spread
On Tuesday:
No action.
On Wednesday:
No action
On Thursday:
No action.
On Friday:
No action.
Right now, we’re holding:
Have a great weekend and enjoy a fresh spicy margarita - TGIF!
To your wealth, freedom, and options!
Joshua M. Belanger