This market is a wild one. Perhaps the 7 week alternate, bull week, bear week has some validity.
It seems that every day within the week in which we had a high volume day that matched the Ave Volume, it signified a turnaround for the week. There were 3 weeks in a row that were Bull weeks.
SPY Daily – Green (up week), Yellow (down week)
KO has had be breathing slightly heavy – I put on a rather large position (within my risk parameters) on Friday and Tuesday, then on Wednesday the price retraced its recent move. It made me take a slight gut check and look at my hedging options. It did not break my pivot support level @ 57.04. I would have made my 55c or 55 straddle strangle swap adjustment. Fortunately I did not need to make that adjustment, and the price double bottomed @ 57.12. This 50 day trade has along way to go, and I am sure I will be have another day or week of “stress” in this trade. But the risk/reward is quite good.
There is also a potential for an EW 4 sell signal during this timeframe. I may look to remove some upside KO 60p calendars, and replace them with the 55p calendar as downside protection.
IACI – I ditched 2 units of the July 20p for .15 and .20. Unfortunately soon after, IACI reversed. I took a .04 loss on the trade. Hmmm. Disappointing. I still have 3 units of a former spread.
PM – Sold 4 units of 50c calendar for .16. I have taken about half this trade off for a 200% after commission gain. I still hold a 1/2 allocation of this trade looking for a big pop in the spread.
NSM – Exited all 6 units of this trade for .29. A small profit. And then the Underlying broke it’s uptrend, then moved strongly my way. UGGGG. I exited due to a move outside of my breakevens.
C- Long 2 units of stock on a bullflag breakout @ 22.21, with a tight stop. End of the day update, the breakout failed, and and I sit on a thin loss. I almost stopped myself out at the end of the day, time will tell if sticking to my original plan was the correct move.
Yesterday I ditched my SPY call credit spreads for .50 and .59. I made small profits on both of them.
IMA- exited 2 units @ 1.15 of Aug 17.5/30p spread. A hedge fund announce a potential buyout and the stock moved up $4. That traded ended up as a scratch.
The part of my trading which is slightly disappointed in, is not taking advantage of my directional chart analysis. I have been exiting bearish biased trades at the beginning of bull moves, and visa versa. But I have not been getting directionally long at the same time. So sad. i.e. AFL and FTEK.
May 29 – This Market is intense.
I am please not to be too short here.