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Journey to $1 Million - May 6th, 2021

I do live trading on my Twitter and would like to post the real option trades that I am doing, and what my current watchlist is. Follow along on my journey to $1 million.


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** YouTube Commentary** : Here

I am back from a mini vacation and ready to get back to trading. If you were following along with my Twitter you will have gotten periodic updates. It seems like every time that I have an important life event, whether it is a birthday or I go on vacation, the markets decide to sell off. Maybe I should stop going on vacations or buy hedges when I do?


It has been a rough start to the week, and not going into Thursday's session, futures are pointing up, but mostly flat. Yellen has indicated that we might need to raise interest rates sooner than later and it has started a profit taking frenzy, especially felt in tech and growth. Even thought Powell and the Federal Reserve has reiterated many times that rates wont increase until at least 2023, there has been some serious fear, uncertainty and doubt circulating in the markets.


My plan for times like these is always the same. I'll be going light on short term options plays, incase we are down or flat. If we keep seeing pullbacks, I'll be cutting all short term positions and dollar cost averaging into my long term positions. For my old LEAPS, I might start rolling them out. It is already May, the year is almost half over and some of my mid term positions are still flat. The decay will start kicking in at some point, and I want to be ready.


In summation: tread carefully in short term positions, sideways markets are painful for options, consider rolling out your mid term options, possibly cut short term and DCA into long term high conviction options, hold your high conviction commons even if it means not looking at them during down times.

Trades From This Week So Far:

Swings:

$BTC 14%

$GEVO 2%

$COIN 2%


Rolled:

$COIN 5/21 $315c at $4.40


Open Options:

$F 6/4 $12c at $0.32: +9%

Short Term Options to Consider: (remember follow on Twitter for actual trades I do)


NKE 5/21 $135c at $1.25:

(changed this one a little) NIKE has gotten beat down so much, in fact all the way to the 180MA on the day chart, and it has bounced off that support. The XINJIANG cotton and Chinese sales seems to have had somewhat of an impact. I feel like this is undervalued and could make a run to $145 or so.


NVDA 6/11 $600c at $18:

Nvidia most likely bottomed and is now bouncing on the 50 day MA support.


QQQ 5/17 $325p at $3.50:

The Nasdaq and tech have looked extremely weak lately, and the QQQ is probably on its way to test the 50MA. Unless there is a very positive catalyst in the next day or two, I feel like we will continue selling off. It was a wild ride with good tech earnings, but we were already pricing it in. This is a key for many tech names.


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Disclaimer: The comments opinions and analysis expressed herein are for informational and educational purpose only and should not be considered as individual advice or recommendations. Prostockadvice.com is not responsible or liable in any way for opinions expressed here. This is not meant to be financial advice as we are not a licensed financial advisor.

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