SPX & RUT logged strong weeks as both leaped higher Tuesday and never looked back. The S&P 500 was able to break out to a new high Friday while the RUT is trading merely points below its all time high.
The move was sparked by Yellen’s more dovish commentary signaling postponing future rate hikes.
Consumer Sentiment disappointed on Friday as well as outlooks for bank stocks. Friday’s bank earnings were strong but the potential of less aggressive rate hikes capped enthusiasm of widening net interest margins.
The VIX sank to the mid 9’s Friday which has led to very small pullbacks in the following days. However, markets are in rally mode and will be fueled by earnings season.
Look for a gradual drift higher in the short term.
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With one week left until July expiration Time Bandit Trader’s SPX & RUT iron condors are in very good shape. Despite the continued uptrend, no actions are planned for next week’s expiring trades as our strikes are still far out of the money.
The August positions were placed even further out of the money than July’s so they remain in great standing as well.
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Friday’s breakout higher has us eyeing selling out of the money calls. However, with earnings season just getting underway, we want to let a little more froth build up in SPY before opening a new trade.
A new trade is likely Monday or Tuesday, especially in the presence of a continued move higher.
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