The stock market often reminds me of living in Chicago.
One day it’s 80 degrees and then it’s 40 degrees.
But markets move and when you’re on the right side, it’s a great feeling!
Which allowed us to close out another 100% real-money gain the second week in a row.
On Wednesday, the FED started its quantitative easing (QE) campaign to unwind the balance sheet.
Some talking heads out there are saying the bottom is in, but that’s noise.
We continue to be in bear market and we need to choose our spots and take chips off the table quickly.
Let’s talk about the CBOE Volatility Index (VIX) which closed at 24.
That’s unchanged from last week's reading that indicates we will continue to see 100 point swings in S&P 500.
Now let’s talk shop.
Here’s a recap of what we did this week.
Sell-to-close GT June 24, 2022, $12/$14 call spread
Buy-to-open MRO July 15, 2022, $33/$37 call spread
Right now, we’re holding:
- FB June 17, 2022, $240/$255 call spread
- MRO July 15, 2022, $33/$37 call spread
Have a great weekend and enjoy a fresh spicy margarita - TGIF!
To your wealth, freedom, and options!
Joshua M. Belanger