Today’s Trade Idea:Re-enter SPY short, close BJ and URA
See the full position lineup of our bucket 2 swing trading portfolio HERE
See the full position lineup of our bucket 3 investment portfolios HERE
Please join the Inner Circle and Market Rover conversation in our members Slack chat room
Re-enter SPY short, close BJ and URA
Close BJ and URA
Today we are closing our bucket 2 swing trading long position in BJ due to a stop out.
We are also closing and booking profits in our bucket 3 long position in URA as it came within $1 of our profit target #2 at $28 on Thursday. We still like this idea and might re-enter it again lower (if we get the opportunity to do so)
Re-enter SPY (counter-trend) bucket 2 short
To kick off this week on Monday we closed our bucket 2 (counter-trend) swing trading short in the SPY etf as we did not feel comfortable holding it through the inflation data – CPI and PPI
Since then the SPY is up about 1% for the week
Today we are going to re-enter a bucket 2 swing trading short (this is counter-trend as the SPY remains bullish trend on the Market Rover)
Part of the reason for this trade is the low implied volatility where spot VIX is once again below 13, which we don’t anticipate to last very long
Entry: Sell/short the SPY etf in the $458 – 443 area
Target 1: $442 Target 2: $435
Stop loss: A daily close above $459 would be a stop loss signal.
Options trade idea:
Buying the SPY November 17th 2023 450 – 440 bear put spread. This means to buy the 450 strike put and sell the 440 strike put, all as one spread, i.e. as one trade.
On options positions we work with a 3 week maximum time stop. If the profit target or stop loss has not been reached within 3 weeks, one can then close out of the options trade or roll it out to the next month.
Today’s Trade Idea: Re-enter SPY short, close BJ and URA
See the full position lineup of our bucket 2 swing trading portfolio HERE
See the full position lineup of our bucket 3 investment portfolios HERE
Please join the Inner Circle and Market Rover conversation in our members Slack chat room
Re-enter SPY short, close BJ and URA
Close BJ and URA
Re-enter SPY (counter-trend) bucket 2 short
Entry: Sell/short the SPY etf in the $458 – 443 area
Target 1: $442 Target 2: $435
Stop loss: A daily close above $459 would be a stop loss signal.
Options trade idea:
Buying the SPY November 17th 2023 450 – 440 bear put spread. This means to buy the 450 strike put and sell the 440 strike put, all as one spread, i.e. as one trade.
On options positions we work with a 3 week maximum time stop. If the profit target or stop loss has not been reached within 3 weeks, one can then close out of the options trade or roll it out to the next month.
Chart: