Hey Guys,
The market had a red day yesterday, but it got a nice boost this morning before the market opened and gapped up. The S&P 500 is around 7,730 right now, which is about 50 points higher than it was when I emailed yesterday.
One of my TAK stock positions reached its stop loss yesterday, but my PSX option position reached its profit target. That gives me three straight option victories, which is a nice way to end in the week in the options account.
There haven't been any new trades yet today. I have buy limit orders in for the tickers at the top of the watch list (both stocks and options), but none have filled yet today. There wasn't a single option trade this week, and some weeks are like that. I never force a trade just for the sake of having something to do. The whole point of my approach is I only take trades that have a backtested edge. That means I always stick to the plan and I only take new trades if they qualify for my trading strategy. I accept that there will be variance in terms of how many trades I take each week.
If you have any questions, just reply directly to this email.
Eric