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