The S&P 500 was able to close higher back-to-back weeks, which is providing a little relief to most investors.
Right now, we're right back to where the S&P 500 was trading at in June.
That's where inflation hit it's watermark...
...And for now has backed off, for now.
But remember that the market is forward looking and economic data is lagging.
That's why most are scratching their heads on why the market rallied on terrible economic data.
We continue to see a positive reaction to some earnings releases, but then there's been some that have been terrible.
Last week I wrote that this rally has legs and that's still the case.
We will see prices push higher, but it's going to be bumpy.
And why it's a traders market.
Luckily for us, we closed out back to back trades for HUGE triple-digit profits last week.
But this week, I didn't put out an alert.
This was a tough week for a lot of my friends who trade professionally.
The best thing about being independent, is that we decide when we want to take risk.
We're still in a bear market with less liquidity; so we need to be nimble and quick.
The CBOE Volatility Index (VIX) which closed at 21
That’s 2 point decrease from last week, but 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.
We sat on hands, waiting for our pitch.
Right now, we’re holding:
- BBBY Nov 18, 2022, $7/$13 call spread
Have a great weekend and enjoy a fresh spicy margarita - TGIF!
Joshua M. Belanger