SPX gapped down yesterday but, nothing can stop this bull market, or can it? It just so happens that I drew a Fibonacci line on my SPX chart when we started to ascend from the bottom. The 100% entrancement line gave the SPX a hard, “NO!” as it tried to break resistance. Not to mention 3400 is a tough mental barrier to break. Excited to see where we stand in the coming months. I was so bearish for so long and even now,while I lean bullish, I am still very weary which is why I keep back ratios in my portfolio at all times.
We started creating daily recap videos and if this is too boring to read then feel free to check out the Option Informants YouTube channel. We show our faces and go over all of our alerts. Anyway, we closed out a ZM positions for 65% or about $378, an UBER position for about 35% and added positions in FSLY, MU, SNAP and AAPL. LambdaTrader was responsible for the SNAP position also note we called this out the day the dot appeared and this a hold for a couple of days. Let’s see where it takes us.
Futures market looks grim but, they looked that way yesterday too and everything turned out OK. All futures are down! Happy trading :)