The Nasdaq and the S&P 500 hit new highs on Wednesday, helped by a rally in technology-heavy growth stocks. There was a period this year, March and April, where investors were afraid that inflation would be a huge problem. Now, for whatever reason, investors don't feel as scared. I've been saying for over a month that inflation is already priced in and its time to buy tech and growth. Luckily it has paid off!
Apple stock keeps going up, and doesn't show any signs of stopping. The LEAPS that we were in earlier this year got hammered when money flowed out of tech, but now it seems like we are in the land of tech milk and growth honey - at least for now.
Again, while we are all on cloud 9, don't forget that August through September have traditionally been hard months for these sectors. In a healthy market, money flows from one sector to another all the time therefore the overall market is rising.
My overall portfolio is down about $4k this week so far. My tech is going up, my semiconductors are going down. I'm basically flat for this shortened week. Its been going so well for weeks that I do expect a cool off.
My options picks are also going exceptionally well. However, it is getting harder and harder to find entries on supports as many companies stocks keep going up, a lot. In the meantime, I'll keep being patient and waiting for better entry and taking what I can get.
Current Weekly Positions
$NAIL +0.7% (Ongoing)
$TRT +5.1% (Ongoing)
$TSLA +4% (Ongoing)
$DIS +0% (Ongoing)
Alerts Triggered Today
Alert triggered: DIS 180MA Trigger; $175/$180c Couple months out in exp on DIS, bounce.
Disney went right into my buy zone and we perfectly executed a buy on the Sep $175 calls. This was a relatively cheap position and Disney usually does really well in the summer months, especially July.
Alert triggered: TSLA monthly $660 call; go small; bounce off vwap on TSLA, bounce.
Tesla also triggered and executed perfectly today. This is always an expensive one, so you could use vertical spreads to make it cheaper but now that TSLA is down a little more, this could be an interesting position to hold next time it pushes.
This Sunday we are starting a beginner course on Options and Investing and next month an advance one on Fundamental analysis. Email me if you are interested in taking part.
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$OXY has sold off the last two days and quickly approaching the 50MA. I'll wait for a bounce on the key moving average. Go small in this one as it might blow through it and keep selling off. Next support down is the middle support trend line. Overall, OXY is in an uptrend.
$SOXL has never failed me, so far. The 3X ETF pulled back today and I'm seeing another buying opportunity coming up soon.
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