Options Trading Newsletter - Issue #188
Slow Grind...
Slow Grind…
ES is continuing it’s slow grind up with each sell down being recovered so far. We are just waiting and trading the volatility on highs and lows. Market opens and volume increases and then dissipates after an hour and grinds slowly on low volume. It’s a slow grind but keep a watch on volume spikes for intraday reversals.
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ES (5906)
Although ES grinded higher for the week by 46 points, it is still respecting the upward resistance line, not closing above it. As we near the US Presidential elections, market could continue to grind up slowly until some risk off position coming into election week. The good bank earnings is continuing to hold the market for now.
Support is now slightly higher at 5800.
Trading range for the week is 5850 to 6000.
NQ (20483)
NQ closed only slightly higher for the week and is still trading within the upper range 20600 failing to close above the upper range. We could still see the resistance holding up with support at 20000 level. Eventhough NFLX has popped after earnings to reach new highs, most of the other MAG 7 is still relatively unchanged. Up and until NQ breaches and stays above 20600, we will not see it breaking previous ATH and continue to range at this levels.
Trading range for the week is between 20200 to 20900.
HANG SENG INDEX (20804)
As expected HSI continued to pullback most of last week and went lowest 19,977 on Thursday before bouncing back strongly on Friday. We did say last week it is possible to pullback to 20,000 level for some accumulation of long positions. We could still see some choppy trading on HSI with deep pullbacks and big bounces. Accumulate on big pullbacks and exit on bounces for trading positions. If you want to go long, take mix of trading and long term positions, taking profit on trading positions while keeping some long term positions. As in past, there are tendencies where HSI could not hold up its bullish moves and loses many of its runups. So taking profits while it goes up is a good way to keep the profits.
Again, this week we may see it pulling back to 20,000 again, but watch if it holds as it might do a deeper pullback.
OPTIONS TODAY - TRADE UPDATE JADE LIZARD ON TLT
TLT which initially went up early part of the week sold off and went way below entry price of $93.70. It is now trading at $92.48 mainly down because the rates have gone up almost 20 bps to 4.54%. As we still have some buffer as the short put is at $90, we still have $2 more for TLT to go down before the short put strike is tested. We will continue to keep the trade is still in a good position.
OPTIONS TODAY - UPDATE IMBALANCE IRON CONDOR NVDA
NVDA continue to go higher and it has broken previous high. We need NVDA to come back down within the next 2 weeks to salvage the trade which is now at a loss. We are keeping to exit the Bull Put Spread leg at $0.04 with a GTC order.
OPTIONS TODAY - LOSS ON NEUTRAL IRON CONDOR SPY
SPX continued to grind higher and the pullbacks did not last long. The trade went on to full loss, we ran out of time and no major retracements came in for the trade to come back alive.
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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
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