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Weekly Report 2022-11-20

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WEEKLY MARKET SUMMARY 


Last week's analysis of the SPY (S&P500 ETF)

- Monday. A gap down up at the weekly open is followed by a failed attempt to break the key 400 resistance level and a close near the lows of the session.

- Tuesday. A massive gap up at the open pushes the price above the 400 level. Despite the bullish pressure over the session, the breakout doesn't hold, and price falls below resistance at the close.

- Wednesday. A session dominated by indecision brings a small red candle with short wicks both up and down.   

- Thursday. A scary gap down at the open is followed by strong bullish pressure throughout the session, bringing the prices near to the previous day's close.

- Friday. The week ends with another indecisive session with a small and red candle below the 400 resistance level but with a long lower shadow. 


What to expect in the coming week

As we enter the Thanksgiving week, we might see more indecision on low-volume trading activity. However, a confirmed breakout of the 400 resistance level might extend the recent bull run much higher and signal we are getting out of the long 2022 bear correction. Of course, this market is still very news-driven, so new waves of panic selling could be triggered at any time for no apparent reason.


Weekly market performance (Week 46/2022)

 S&P500 (SPY) -0.62%
 Nasdaq100 (QQQ) -1.09%
 Dow Jones Industrial (DIA) -0.12%
 Small Caps (IWM) -1.70%

After a relatively quiet week, the Market Volatility Index (VIX) remains towards the bottom of the 2022 range, just above the 23 level.

 

WEEKLY TRADING SUMMARY 


Last week's update of my Wheel Strategy Portfolio within the Options Trading Club (OTC)

At the moment, the main goal for this portfolio is to collect premiums by selling covered calls to lower the adjusted cost basis of the shares and, consequently, the overall risk of the portfolio. In the process, I am also looking to get some of the shares called away to free up some capital and reduce the number of stocks in the portfolio.

Last week, the two covered call positions on GPN and XBI expired worthless, allowing me to retain a total premium of $325. 

 


Last week's update of the MIM Portfolio posted by Trader64 within the Options Trading Club (OTC)

"For the month of November we have closed 7 trades with a 100% win rate, an average AROI of 247% and generating $268 cash if you had traded only one contract per position. This now marks the 48th week of our winning streak! Gang, this is unheard of in option trading. If we can keep this up for just 4 more weeks, it will represent the only perfect year I have ever had trading the MIM system. And that is in a year that has seen a 20%+ drop. There has not been a month in which you would not have paid your annual dues to OTC just trading a single contract per trade. I know this will not last forever, so enjoy it while it lasts. You may see me getting a little more conservative through the end of the year trying to get the perfect year so please understand." 


As usual, if you have any questions or suggestions, just send me an email at [email protected]

Take care and trade wisely!

Gianmarco 

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