Stocks Charge Higher Snapping 3 Week Losing Streak

September 9, 2022

Happy Friday!

What an impressive rally in stock to finish the week higher on a holiday-shortened week.

This rally brings up back to were prices were trading on Aug 29th on the S&P 500.

But until proven otherwise, this is a relief rally.

Yet, this doesn't mean we will see aggressive selling if we roll over.

The first six months of trading were intense and I suspect we see a lot more range bound trading.

If I'm right, that creates a great opportunity to profit from that two-sided market action.

We were able to add a new trade to our portfolio, which look very promising with catalyst coming out next week.

Now, the CBOE Volatility Index (VIX) closed this week at 22.79.

That’s 2 points lower from last week, but indicates we will continue to see those 100 point swings in S&P 500. 

Now let’s talk shop.

Portfolio Update

Here’s a recap of what we did this week.

On Wednesday:

  • Buy-to-open the VTRS Oct 21, 2022, $10 call

Right now, we’re holding:

  • SLB Sept 16, 2022, $42/$47 call spread
  • VTRS Oct 21, 2022, $10 call

Have a great weekend and it's time to enjoy a ice cold spicy margarita - TGIF! 

Joshua M. Belanger

Joshua M. Belanger
Joshua Belanger is founder of CounterVest and the editor of Hot Money Trader. He has been providing ordinary investors blockbuster returns since 2008. In 2018, the average return of Hot Money Trader beat the markets by over 15%