We are heading into mid September, and the markets are pulling back as expected. If you have been following along, you will know that I've been preparing for this moment. The question is, by how much will the market sell off and for how long? When dabbling in options, decay is the most common way traders lose money on positions. In order to be successful trading options, you must be able to time entry and exit perfectly.
Futures are green, late Sunday night in the US.
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New CPI data will be released this week and experts expect it to grow by 0.4% in August compared to July, and 5.3% compared to August 2020. This would suggest that the peak growth rates in prices for consumer goods and service may already have passed during this economic recovery. I wouldn't be all that concerned about the CPI. Who really expects something different though, besides doomers that is.
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$EBON +5.55% (puts)
$AI +9.5% (puts)
$ABNB +2% (puts)
I got into a weekly AI put and it went well on Friday. Still hanging onto the EBON puts from last week, and I opened a new ABNB round 3 put as well. Of course, I'll be watching these to take profits as quick as possible.
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AAPL went to the slaughter house Friday. Actually, September is notoriously a bad month for the stock. I think it might be a good chance to buy the dip around the 50MA. Considering $155 calls expiring in December or January.
My MCB put alert expired this weekend. I have been waiting for it to hit the upper resistance and fall. However, it never got quite that high. I've renewed the alert for puts, but also added in another one for calls on the 50MA simultaneously. Let's see which direction this goes and then and take either a bullish or bearish stance later.
YUM is also in a similar position. I missed by a hair last time around on the puts, so I am also considering calls at the 50MA, depending on which direction we go.
SPY is also headed toward the 50MA. While we cannot be sure how long this dip, if you can even call it that, will last, but I do think that we should start considering where we will start buying. Depending on your risk tolerance and position sizing, you can go in at the 50MA. Maybe considering some monthly or weekly calls.
More so, last September the SPY pulled back past the 50MA about 10.5% over 17 trading days. I cloned the decline and measured out the same decline for this September. If something similar happens, this is just the beginning and it looks as if we will bounce off the 180MA before recovering.
Lastly, I want to try TGT again this week to try and catch a bounce, just in case this is a glass bottom. I will not be going large here.
I'll be starting the Webinars and YouTube videos back up this month after a long needed break! It has been an excellent summer, and we have made some serious money. Now it is back to the grind.
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