Weekly Report 2022-11-27

trading journal


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

- MondayA session dominated by indecision brings a tiny red candle with short wicks both up and down.

- Tuesday. In a bullish session, the price closes at the key 400 resistance level.

- Wednesday. Just before the Thanksgiving holiday, a solid green candle breaks through the 400 level. 

- Thursday. The market is closing for Thanksgiving.

- Friday. The market is open only for half of the session. A small candle on low volume leaves prices above the 400 level. 

What to expect in the coming week

As we return to normal trading activity over the next week, we'll have to see if the 400-level breakout will hold on the way to Christmas.

Weekly market performance (Week 47/2022)

 S&P500 (SPY) +1.59%
 Nasdaq100 (QQQ) +0.74%
 Dow Jones Industrial (DIA) +1.82%
 Small Caps (IWM) +1.01%

After another relatively quiet week, the Market Volatility Index (VIX) is at the bottom of the 2022 range, just above the 20 level.



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

Currently, the main goal of this portfolio is to collect premiums by selling covered calls in order to lower the adjusted cost basis of the shares and, as a result, the portfolio's overall risk. In the meanwhile, I'm expecting to have some of the shares called away to free up some capital and reduce the number of stocks in the portfolio.

I had only one position expiring last week. As it was trading in-the-money on expiration day, on Friday I rolled out the TNA 11/25 CC $34 to 12/16 CC $34 for an additional $0.96 net credit. So far on this position, I have collected a total premium of $363.


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

This concludes the 49th straight week of nothing but winning MIM trades!!! As it stands for this month we have closed 8 trades with 100% of them being winning trades, generated $302 in monthly cash, and earned an amazing average AROI of 294% on these trades. Only 3 more weeks to go until we close out a 52-week winning streak!!!

Last week's update of the Small Account Challenge posted by RoRo within the Options Trading Club (OTC)

It was a very quiet week for the markets as many traders seemed to start their holiday a bit earlier. The indices finished relatively flat with the SPY gaining a bit over 1%, while the Nasdaq managed a bit under 1% ..... The winner on the week, once again, was the Dow, closing out the week up 1.8%

We can expect much more activity this coming week. Jerome Powell will be speaking on Wednesday. Depending on how the market interprets his speech will determine the next few weeks. If we can push higher through current resistance and hold those levels, then our well needed Santa Claus rally will be in full swing. Let's hope that everyone is on the "Nice" list. As we come to the end of our 3rd month.......

Here are the current standings:

#1 skumartrades Current Account Balance $7,614 +52% No Open Positions
#2 Gianmarco Current Account Balance $5,939 +19% One Open Position
#3 Thaisffp Current Account Balance $5,819 +16.4% No Open Positions
#4 ronlobo Current Account Balance $5,274 +5.5% No Open Positions
#5 Needsomehelp Current Account Balance $5,206 +4.12% One Open Position
#6 Imre Current Account Balance $5,203 +4.06% Three Open Positions
#7 mountain-storm Current Account Balance $4,934 -1% One Open Position
#8 merlster Current Account Balance $4,901 -2% One Open Position
#9 RoRo Current Account Balance $4,829 -3.4% Five Open Positions

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

Take care and trade wisely!


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