Weekly Raid #26 - The OPEX Shuffle
Good Morning Traders!
Happy Friday, hopefully by this point in the week you are green and happy with your PnL. Gonna be an exciting day so let’s jump right in.
News of the day
News is dead today. We have Baker Hughes Rig count at 1 pm, but honestly, unless you are managing positions you should probably not be trading too much around then. Other than that there is nothing until next week. Next week we have a decent amount of news though so rest it, it should be an exciting one.
The only really potential moving thing to watch today is that it is the monthly OPEX. Markets can move funky on Opex days so if your trading anything that expires today, just watch the prices and take profits as fast as you feel comfortable.
Outside of that just watch some of the markets for selling pressure. We are looking to Gap down on the Q’s and SPY. Sentiment is slowly turning in Crypto with the Rumor that Elon may have dumped his BTC “Investment” and economic news is back to being revised down. Things aren’t painting a rosy picture.
Today being a Friday I will more than likely not trade other than managing my positions. Currently, the only things I need to manage are my NVDA short and my JNJ long. XOM was closed in a few pieces over the week for some decent profit.
If you are hell-bent on trading today here is a short list of things to watch.
TLT - A lot of people have been using bonds as a safe haven, unfortunately with all the currency debasing in the US that may not be a solid play anymore. I think its possible to start to see both bonds and equities move in tandem, meaning the only safe place left is commodities.
QQQ - As a Nasdaq proxy there is some potential weakness here. Watching how the tape looks on the Nas and the Q’s should show some nice 2-way profits.
SPY - This is just for a liquidity play. Opex can give some solid mispricing opportunities if you are paying attention to it. SPY is liquid and fun to play especially 0DTE on opex days. Just know this is straight-up gambling and you could go to 0.
Finally, I would be remiss if I did not say it, but if you had a green week, drop some of the profits into some longer-term dividend holdings. O, JNJ, KO, VOO, and VTI are all solid choices.
As always trade well and Good Luck