The broader markets got clobbered last week and still look lower — although we believe that we are relatively close to a tradable turn.
We did not find what we view as quality setups — long or short; thus, we are waiting for a bullish reversal to sell options.
As a value-add, please enjoy our market analysis in the following two videos which explain in detail our thinking of the markets, sectors, and why the market internals suggest that we are close to a turn, making new swing trades difficult.
Broader Markets Overview
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Sector Trends and Market Internals
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See SPY/VXX below for our plan:
With last week’s selloff, the elevated volatility levels in the market (Implied Volatility Rank of the VIX (Volatility Index) is at 97%) favors shorting overpriced options (with the charts as always) and/or trades with positive time decay. This should be an incredible week for selling short-term puts/spreads – particularly if we get our anticipated further weakness to the downside in the already oversold broader markets.
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Trading the Pristine Method — Origin and End
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