Hey Guys,
The market is still hanging around the same general level. Last week the S&P 500 was magnetized to the 5,600 price level, and this week, it's been magnetized to the 5,500 price level.
Despite the sizeable drop in the market between last week and this week, both my accounts had profitable weeks. My options account had a few trades close yesterday that reached their time limits, and none of those ended up in the profit column. But this morning my VZ options hit their profit target, and that pushed my options account into profit territory for the week.
And my stocks account has been on fire. I hit two more profit targets this morning: TTD and ZG. Out of the last 25 stock trades that completed, only 3 were losers.
I got questions yesterday about EW. I bought the stock yesterday, and it had a big price drop that actually took it temporarily lower than my stop loss price for it. As a reminder, though, I don't set up my sell orders for the profit target and stop loss until the day after I enter the trade (to avoid pattern day trading issues). So I was still in the EW position this morning, and I set up my sell orders before the market opened. At this point, if EW goes either below the stop price or above the profit target, it will cause me to exit the trade.
I took on new positions today. In the stocks account, I bought positions for MRVL and CSCO. And in the options account, I bought options for those same tickers.
If you have any questions or feedback, I'd love to hear from you.