This week’s video shows the Dollar UUP and S&P500 SPY inverse correlation may be coming back together. Since the Dollar UUP broke support this week we may retest the 200 day moving average which may enable equities to make the next move higher.
In last week’s video, I was looking at Disney DIS and Oracle ORCL on the long side with ORCL being a high risk earnings play. Well Oracle reported earnings this week and popped at the open and then crashed. The calls I recommended made about 60% and I was out near the open. The video shows what happened the rest of the day and how Oracle dropped hard. By selling into strength, I was able to book profits. Now that ORCL may have stabilized and the marketis finding some support, I sold a bull put spread which is also covered in the video.
For next week, one trade I’m looking at putting on is a bear call spread in PCLN. Today’s video covers the setups and potential strikes in detail on this high probability trade setup.
Weekly Market Wrap Video Transcription:
Welcome to the Stock Option Assassin weekly wrap. We’re going to go over the S&P500 quickly via the SPY. We’re also going to look at the dollar and a trade idea for next week. And we will also review a couple of our trade ideas from last week.
First of all, just so you know, it’s about 20 minutes before the bell on Friday, March 23rd. We still have a little bit of time but the S&P –