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Home › Forums › Market Discussion › Market Talk, 5/1 – 5/7
Quick notes:
SPX first close sub 20 day in a while. we’re seeing a small correction so far. and that’s ok
continued depreciation of the dollar is helping commodities
look at oil, gold
look at gold miners
nazz is oversold and i think dip buying into some of those beaten down eps names is a great strat here
GLD iron condor
USO put buys, stop if CL closes above 50
GDX put buys, scale in
GILD fade
GDX is gapping up into yet another parabolic pattern. It’s above its 2nd standard deviation bollinger band.
I know this can last longer than I think and I’m probably early, so a good bet is to scale in and out of ITM put buys aggressively.
So the contract I’ll work with is the Jun 30 puts. Buy some here, buy more at 27, buy more at 30. And as the sector pulls back, scale out accordingly. Ideally I can build out a core position looking for a pull back into the low 20’s
Steve are you still planning on an AMZN income calendar?
JOY for a short – ITM June puts here? Say 22 around $3.05?
MCD strong here. Putting on small position, ITM 125 Calls @5.95. Looking for 135. Stop loss at 127.5.