Options Trading Newsletter - Issue #130
Genève...
Genève… [Options Today…Protecting Longs]
It’s the place of the elite to stash their wealth?
I did a quick round at the city center and surprisingly you can find banks everywhere. Some you may have heard before and many unheard off. Many people use Switzerland as a place to stash and hide their wealth. Is it still common now since there are so many declarations required just to keep an account nowdays and if you can’t prove your source, then the banks may not even want to bank with you. Perhaps there’s still a way as business is business for banks. They just need your money and to open one private banking account here it takes CHF500-1 million. I checked with one of the banks which used to be the second biggest Swiss bank which is now bought over by the biggest one, ahem….I’m sure you know who and who. Not that I wanted to open one account, but I merely went to exchange my expired CHF notes with new notes.
So getting to be one elite having a Swiss bank account is not that difficult I guess. If you have the money, you can have one. So invest wisely and trade profitably and I’m sure one day you can make enough to go to Genève to open yourself a Swiss bank account.
SPX (4457)
SPX failed to breach the previous high of 4527 and retraced thereafter until Thursday and held support above 21 EMA. We went long on SPY (via short out 440) after market close then and the next days price recovered into green days.
SPX continued to go up on Monday but we feel a little fatigue on second half session and may come down again today. It also failed to fill the gap of 6 September multiple times, which indicates many heavy sellers above. So we closed our short put and taken 50% profits.
The trading range for the week is between 4475 and 4500.
NDX (15461)
NDX went back above daily 50 MA and it is a good sign for the index. However, we would still remain cautiously bullish until it breaches above 15600 level. On Monday, TSLA surged 10% and that for sure hyped the market.
Going down to a lower timeframe we saw the same price action like SPX where it failed to breach the highs of 6 September.
This week is full of data releases with CPI expected on Wednesday, Retail Sales, PPI and Unemployment on Thursday.
We expect volatility to set in again on Tuesday on.
The trading range for the week is between 15500 and 15800.
HANG SENG INDEX (18202)
HSI was closed last Friday again due to the typhoon. On Monday opening, it gapped down to 17941 which we anticipated much earlier on on Thursday watching the after hours MHI futures. We shifted our long entry down to 17901 and it got filled on Monday as Friday there was no market. As of now, HSI went back above 18000 and should hold this level unless US comes out with bad data come Wednesday. Hopefully we can close the position on Wednesday before US market.
OPTIONS TODAY
We are doing some light trading this week as we are moving around in Switzerland. I find it better to trade in Asia as the US market starts at the end of our day as we settle all our daily work. Europe time, is in between the evening and there are just too much distractions. By the time we settle down, market is already closing. Here are some sights to share. Happy trading…happy travelling….
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DISCLOSURES
Options involve risk and are not suitable for all investors. Please read Characteristics and Risks of Standardized Options before deciding to invest in options: https://www.theocc.com/components/docs/riskstoc.pdf
MYstyework is an Online Financial Literacy Educator and materials provided is solely by MYstylework and is for informational and educational purposes only. It is not, nor is it intended to be, trading or investment advice or a recommendation that any security, futures contract, transaction or investment strategy is suitable for any person. Trading securities can involve high risk and the loss of any funds invested. MYstylework, through its contents, does not provide investment or financial advice or make investment recommendations. Investment information provided may not be appropriate for all investors, and is provided without respect to individual investor financial sophistication, financial situation, investing time horizon or risk tolerance. MYstylework is not in the business of transacting securities trades or an investment adviser.