All in the Family

Hi Shoppers,

Did you hear this one?

Guess who is one of the prosecuting attorneys for the Ghislane Maxwell trial … Maurene Comey.

Yes, she is the daughter of former FBI Director James Comey.

James Comey was nominated by President Obama in 2013 and fired by President Trump in 2017.

Maurene Comey was also on the prosecuting team for Jeffery Epstein’s trial.

Another spicy tidbit is the fact that she was one of the prosecutors to submit the filing that indicated the video tape footage of outside Jeffrey Epstein’s jail cell on night of his first suicide attempt was missing due to techinal errors.

The tape was found soon after the filing.

Does any of this mean anything?

Probably not.

Maurene Comey is an assistant US Attorney in the Manhattan based Southern District of New York, just like her father was.

She has also tried other semi-famous cases.

But if you haven’t already, you need to read James Patterson’s Filthy Rich.

So good!

After reading it, you will be convinced there is no way Jeffrey Epstein killed himself.

Why would he? He had so much money and he had all the dirt on so many powerful people.

Also, where are all the surveillance video tapes he recorded and collected?

Unfortunately, Ghislane Maxwell’s trial will not be televised or recorded because it is a federal court, unlike Kyle Rittenhouse’s trial which was a state court.

We will have to watch the news each day to see what is happening …

Should be interesting.

Now onto a new trade idea …

We have had some pretty nice swings in the market the last three trading sessions.

Where do we go from here?

Looking at the SPDR S&P 500 (Ticker: SPY) chart, I believe we could go lower before we bounce:

Generally, wide-ranging candlesticks indicate a continual move in the same direction.

The pink line is the 50-day moving average which could provide support at $452.37.

To back this up the E-Mini S&P 500 futures chart is showing yesterday’s candle is bearish engulfing with high volume: 

I would like to play this with a quick cheap shot, so I am looking at the Dec. 03 puts, expiring Friday.

Volatility is high at the moment due to all this movement and uncertainty, so I will be looking to spread off my put purchase.

If SPY opens and trades lower this morning, I would be a buyer of the Dec. 03 455-strike puts with an implied volatility of 18.22 and a seller of the Dec. 03 450-strike puts with implied vol of 21.84.

I would pay up to $1.25 for this five point spread. It expires Friday so will decay quickly if the market reverses.

I will bail if the spread trades down to $0.85 and begin profit taking around $2.25.

Thanks for Reading … See You Next Tuesday!

Licia Leslie

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