Day 102
It seemed like the market was about to rip up, but the momentum sagged mid-week and prices eventually settled slightly below last week.
Market Recap
Both SPY and QQQ were flat.
SPY is at ~$686, and QQQ is on ~$607.
VIX is elevated, almost touching 20.
Trading Update
I had 3 main trades this week, with a Net P/L of +$69.
At the start of the week, I speculated that HOOD and NFLX will not move a lot, and so I sold Calls against them. However, on Wednesday, for different reasons, both of them started moving up causing me to close those trades out quickly.
I also had a few NFLX trades open since the start of the year that I was glad to close at a tiny profit when news came that NFLX would back out of its offer for Warner Bros.
Finally, I was able to squeeze in another SPX 0-DTE trade. This was not an Iron Condor as I had been executing the last few weeks, but just a short Put Credit Spread.
Trade Ideas I am Thinking of For Next Week
Trading SPX has been a clear winner for me.
So far I have traded Iron Condors as well as Credit Put Spreads, and have made $620 year to date, risking between $1000 to $2000 on any individual trade. I wrote more about my setup and thinking specifically about Iron Condors in a Zero DTE context last week: https://www.foolishtrader.com/day-101/.
So next week as well, I am going to look for a small win in SPX.
Portfolio Status
Here is the current portfolio status, including unrealized P/L.
There is a lot of uncertainty worldwide right now. While markets have been choppy, I think we are getting very close to a proper correction unless something important happens. For now, SPY is still up ~16% year over year, so while last few weeks have not seen much upward momentum - things haven't really started to crater yet. As such, I am trying to stay really small when I open my trades to prevent complete ruin should there be a 20 to 30 percent correction.
Thanks for reading. See you next week!
📌 Disclaimer: Nothing on this site is financial advice - I’m just here to entertain! Here’s my introduction, my trading philosophy, and some ground rules.
