Something has to give with this market.
We’re stuck in a range-bound nightmare, bouncing between 17,850 and 18,100. It’s been like this for that last couple of months. Just this morning, we opened up about 90 points. We’re now down 80 20 minutes later. That’s insanity.
And it’s why I continue to be cautious in this market right now.
I’m finding a great number of trading opportunities. But I don’t want to issue them just to issue them. That’s not smart trading. I want to pounce on these opportunities once I see direction in the market.
The Dow is now at the lower range of its channel nearing 17,500 again. We could bounce here, find resistance at 18,100 and bounce there, too.
While we continue to hold most open positions, I wanted to exit two today to secure gains. Consider selling to close the LEN May 48 put for slight gains, as well as half of the AT&T June 24 puts for gains, as well. Let’s also exit the DIA June 179 put for an impressive, quick gain here.
Hold the second half of the AT&T put. I’d like to see a bullish gap refill at $32.75 from current price of $33.57. Once this fills, I’ll look to exit the second half of the put.
Thank your for your continued support.
If you have any questions or want to run a trade idea by me, please feel free. I will always make myself available.
Best wishes,
Ian L. Cooper
Inside Value Trader