Hi Guys,
The market had a nice up day yesterday, and today it's having another nice up day. Isn't it amazing how much different it feels today than how it felt on Monday? It can be hard to stick to the plan when the market is turmoil and there is fear in the air, but today we saw some rewards from having done so.
All three of my MES futures positions hit their profit targets. It was a nice taste of victory after the losses last week. And for those of you who took the stock equivalent trades using the SPXL ticker, all three of those hit their profit targets this morning too.
Most of my stock positions are up. CTLT hit the profit target this morning. CDNS was really close to hitting its stoploss earlier this week and now its back near breakeven. Things turned our way in the last couple days.
My NTAP options trade hit its profit target. My NFLX options trade came super close to hitting its profit target, but then retreated. We'll see if it makes it there by the end of the day.
Either way, at the end of the day, I'm closing any options positions that are set to expire tomorrow. That's a pretty big bucket of positions. I'll be closing them right near the end of the US stock market session today.
I haven't picked up any new positions yet today. There were only three tickers on the watch list, and none of them have triggered yet. I'm just going to patiently wait for new pullback trades to set up. Even though today the market has been up, it definitely does not mean we're out of the woods with the volatility. As far as I'm concerned, we're still in the thick of it.
If you have any questions or feedback, I'd love to hear from you.