Options Trading Newsletter - Issue #193
To the Moon...
To the Moon…
NVDA announced its results and there were no steam… It went to the moon and created new highs and then sizzled out. All the anticipation and the winner was options sellers this round…
Keeping it short as we wind down for the year end. The following 2 weeks will be off for the holidays… let’s see if there is any Santa Rally in December, keeping an eye on it though…
ES (5987)
ES is up 90 points (1.53%) for the week. Relatively bullish week although a bit choppy after we lost 50% of the election rally.
As this week is Thanksgiving week, market may be a bit slower and would be good to sit back for the week.
Trading range for the week is 5850 to 5950.
NQ (20849)
Surprisingly NQ was up 356 points for the week. The NVDA results everyone was waiting for came out without any fanfare although the numbers and expectation looks good. Guess the market wanted more…
As is NQ could still face resistance at 21000 levels and need to break the all time high also at 21340. As it reaches these tops or resistance levels, there are bound to be many sellers waiting. Retracements from these levels are possible before it can form higher highs.
Trading range for the week is between 20750 to 21050.
HANG SENG INDEX (19229)
HSI continued to be sold off and Friday was even worse as it dipped to 19100s level. HSI wants to go up but the market does not have enough proof that whatever stimulus plan from the Government can help to boos the economy. HSI needs to keep its head above 19,000 level as otherwise it could start to visit back the 100 Daily Moving average.
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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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