As I’ve mentioned, it’s going to be an unusual time for me, because I am making the long trek (and perhaps insane, considering how many are intending to do the same) up to Oregon to witness the once-in-a-lifetime total eclipse. We’ll see if I regret it or not.
Speaking of regret, we need to see what next week holds. We are at such a crucial crossroads right now. The past two weeks have been a total kick, all thanks to Trump’s antics. The big picture still screams “doomed market”, but the shorter-term picture is more uncertain. Simply stated, if we have a good solid down day on Monday, we are in a complete different ball game. A firm bounce, however, may mean more of the same.
Looking at the Dow Industrials, there is still plenty of room for hope that the bears will get to enjoy things more.
Note from your beloved host: This is going to be a relatively quiet weekend, since I’m driving all day Sunday and Monday to see the eclipse (plus, the amount of good trading ideas I’ve been giving lately has reached Saint level). Things will be back to normal, such as they are, by Tuesday.
I made no secret that Sally Beauty Holdings was a good short, having done FOUR posts to that effect earlier this year. It’s finally kicking into high gear. I remain short.
Oh, and as for me dumping my SPY puts early this morning……..PHEW!!!!!
Earlier this morning, I sold my SPY October $245 puts for an overnight profit of over 50%. I have several remarks about this:
- It’s kind of stupid of me to buy options that don’t expire for something like ten weeks and sell them the next freakin’ day, but what can I say………I’m a wimp.
- I’m going to be driving 20 hours (round trip) to see the eclipse Monday morning, and frankly I’d like to enjoy it without worrying about my stupid options position.
- I hardly ever trade options.………literally one trade for every few hundred equity trades…..but I had a “feeling” yesterday morning to give it a shot.
- Most importantly, this trendline below compels me to not be greedy.
Of course, this all probably means a CRASH on Monday, so………you’re welcome!
Long Avery Dennison (AVY)