Hey There Shoppers,
The evidence is mounting …
I think the market will trade lower by Friday.
Here are several charts pointing to that move.
I am seeing a doji at the top of an uptrend in S&P 500 (Ticker: SPX) …
There is also a doji at the top of the uptrend in the E-Mini S&P 500 Futures (Ticker: ES) …
And finally in the SPDR S&P 500 ETF (Ticker: SPY) …
I think this will be a quick move lower — so I’m looking at a SPY put spread in the Apr30 cycle, expiring Friday.
I like buying the Apr30 417.50/412.5 put spread paying $1.30.
I will buy this spread on a lower opening this morning. I will take my loss if the spread trades down to .90 cents.
I will begin to take profits at $2 and above.
During our mentoring day on Thursday, I recommended two trade ideas and have recently sent out two trade ideas:
- Xpeng (Ticker: XPEV): May21 32.50/40 call spread paying $2. It is down a tad but I am keeping it.
- Oracle (Ticker: ORCL): Buying the May21 75 puts paying $1.20. These have traded up to $2 and closed yesterday at $1.40. I am still in.
- Peloton (Ticker: PTON): I paid $2 for the Apr30 102/108 call spread. This spread has traded up to $2.66 and closed at $1.80 yesterday. The chart is still intact; I am still in the spread.
- PepsiCo (Ticker: PEP): May21 145/140 put spread for $1.30 was a trade I recommended, but PEP moved lower too quickly and I would have had to pay up to $1.60+ for the spread which closed over $2.10 yesterday.
Keep your eyes on these politicians, every time they open their mouths they are lying.
Thanks for Reading … See You Next Tuesday!