June 2022 Core plays

Posted at: June 10th - 3:17 PM

Monthly Option Alert

Alert Message

Welcome everyone. Today we find ourselves wondering when this market will stop going down. I did some chart research that painted a very ugly picture of future market movements. I looked at a 3-year weekly charts for the DOW, Nasdaq, S&P 500, and the IYT (transports), all showed a death cross (50 day crossing down through the 200-day moving average) on the chart. What that all means is we have further to go, and a recession is on the horizon, sooner rather than later. Our monthly trades have a very good winning record but in a bear market that does not matter. The upcoming week gives us an FOMC meeting on interest rates they are expected to hike half a percent. If for any reason they hike more than that it will be a shock to the market. Basically, I cannot put us in the Call side today, we may get a brief pop, but we need to be on the other side of that. I am not going to issue trades today; I will send out an updated Commentary with possible picks on Monday before the open.

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All options are buy to open, sell to close. Options follow the following format: Stock + Expiration Date + Option Type + Strike Price. Example QQQ201220C120 = QQQ 2020/12/20 Call $120.

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