The summer slow down in the markets continues. 

The S&P 500 continues to take the escalator higher and hit new all-time highs. 

As I mentioned last week, during slow markets like this, it’s best to follow the crowd and not force trades. 

Last week we saw a big sell-off in gold and silver that continued into Sunday night. But those metals did snap back this week - retracing 50% of that selloff. 

Now, the CBOE Volatility Index (VIX), aka the “fear” index, is at 16.15 above our key 15 level.

This is a two point drop from last week and that divergence in volatility has come in. 

So the bias is higher for now. 

Now let’s talk shop.

Portfolio Update

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

On Monday:

Buy-to-open the HAIN September 17, 2021, $40/$44 call spread

On Tuesday:

No action.

On Wednesday:

Buy-to-open the YELL October 15, 2021, $7.50/$10 call spread

On Thursday:

No action

On Friday:

No action

Right now, we’re holding:

• EDU Aug, 2021, $10/$12.50 call spread
• FCX September 17, 2021, $38/$41 call spread
• SNAP September 17, 2021, $80/$90 call spread
• YELL October 15, 2021, $7.50/$10 call spread
• HAIN September 17, 2021, $40/$44 call spread

Now it’s time to get my 7 mile run in before I head to the pool with a fresh jalapeno margarita - TGIF! 

I'll have a new trade on Monday.

To your wealth, freedom, and options!

Joshua M. Belanger