On Monday, bears were flexing their muscles…
…And then the bulls came roaring back the rest of the week pushing the S&P 500 and Nasdaq 100 to new all-time highs.
Last week I mentioned the market felt heavy, but I didn’t think we would see a snap back like that.
Right now we're in the dog days of summer trading.
Even though we're in earnings season, we will continue to see some slower days in the market and news cycle.
Now, the CBOE Volatility Index (VIX), aka the “fear” index, is at 17.40 above our key 15 level.
This is a point lower than last week's reading and we could see a quick pullback.
But we're still in a bull market and the bias is higher.
No trade today.
Buy-to-open the CVS Aug 6th, 2021, $81.50/78.50 put spread
Buy-to-open the SNOW Aug 20th, 2021, $275/285 call spread
Right now, we’re holding:
Now it’s time to head to the pool with a fresh jalapeno margarita - TGIF!
I'll have a new trade for us on Monday.
To your wealth, freedom, and options!
Joshua M. Belanger