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.
Here’s a recap of what we did this week.
Buy-to-open the HAIN September 17, 2021, $40/$44 call spread
Buy-to-open the YELL October 15, 2021, $7.50/$10 call spread
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