Weekend Update/Trading Plan

Good afternoon,

Another tumultuous week in the markets last week, the S&P got pretty close to the short term upper take profit zone of 4350. I took some puts on Friday with a one week expiry placed at 4333, however I closed 3 of the 4 puts at an average gain of 90% as the S&P fell nearly 60 points on Friday afternoon from 4333 to 4275, as always take the profits when you get them. I left one runner into next week. Over the weekend the Senate has approved a stop gap deal (45 days) on the debt ceiling so we should see a gap up tonight and a bullish session on Monday, however we have Powell speaking tomorrow at 11am NY time. so I’m staying out until then. Remember not losing money in a downtrend is a skill. Watch for sellers tomorrow around 4320 and the 15,000 area on the Nasdaq.

I am adding Boeing (BA) to my long term portfolio this week with a 3% allocation as it hit my price target. On the Dax I’m still waiting for 14,800 to go long.

The October Trendline