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It’s good to know that earnings season is just a few weeks away, and the Fed-fueled gravy train is going to be discovered to be – – well – – out of gravy, I guess. As we look at the /ES pre-market, the lengthy range-bound stall-out is, in my opinion, about to break down into a lusty swoon.
This was one of those delightful and extremely rare days when I should have done terribly but, instead, every single position went my way in spite of the market (/ES and /NQ) being quite strong. Huzzah! What a countertrend I am!
I’m traveling, which tends to handicap my trading. This morning, the handicap was probably beneficial, because the day started off pretty badly but, over the course of about an hour, healed dramatically for obvious reasons:
Every position is profitable – – many, richly so – – with the champion being Starbucks, which is sporting a 48.6% profit on those put options. We’re only one hour into the H2 2024, but I like it!
At the very beginning of this year, I did a post called, quite explicitly, Walgreens Boot Short. At the time, the chart looked like this:
