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Well, folks, it’s day 3,830 of the captured market, and the bulls are running roughshod. Not all is lost, however. I am taking advantage of the strength and have gobbled up a bunch of June $205 puts on the IWM based on the one-two punch of (i) a gap sealing up (ii) a major Fibonacci retracement level.
I have purchased October 27 2024 $27 puts on FXI, the ETF based on the Chinese stock market. I’ve got a stop-loss of 26.26, meaning I’ll exit should it push anywhere above that level.
One of the more amusing posts on X after shares of Elon Musk’s other business Tesla (TSLA) spiked after hours yesterday was this one, picturing someone throwing Benjamin Graham’s classic book, The Intelligent Investor, in the trash.
$TSLA +7% https://t.co/KyDGq8C4wU pic.twitter.com/m0VVSqKdFU
— Mads Capital (@MadsCapital) April 23, 2024
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I’m still keeping things light and mellow. I have just five short positions, by way of September in-the-money put options. These positions are as follows:
