The market has reached a major resistance level around that 415 level. The SPY is starting to poop out a little and will likely take a pause in the upcoming weeks.
A lot of our long Bullish trades sort of died out last week - they didn’t fall hard, but didn’t run up either. So some of the Bull positions just lost a little. Names like FTNT and CDNS didn’t run up like we wanted, but we didn’t lose our shirts either. TTWO and JD did however, move they way we wanted and we cashed in on those.
I still have AAPL and SHOP long and HCP short. All three seem to be in a holding pattern.
I think the whole market is in sort of a holding pattern and I am shifting this week’s focus to Neutral Butterfly trades. I don’t often do Butterflys, but I think now is the time - I’m not asking for a lot out of the market right now. This low volatility stagnation might last thru the whole summer. Remember, “Sell in May and go away…”.
I have four trade setups for this week.
-Good Luck and Happy Trading.
Disclaimer: This information is for educational purposes only. I am not a dealer/broker nor am I a licensed investment advisor. This is not a recommendation to buy or sell any securities. I do not know your personal risk tolerances or financial situation. Never risk any money that you are not willing to lose. Options involve risk and are not suitable for all investors. The information provided is thought to be correct at time of publication. I may or may not hold or trade any positions in the securities listed in the newsletter. It is possible to lose all or most of your money. Please consult a professional, licensed investment advisor.
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