This has been one of the wildest markets we’ve ever seen in recent months…
Last Thursday, we fell 265 points on an over-extension we’ve discussed. The next day, the market shot up 165 points. By Monday and Tuesday, the market lost its mind again. On Thursday, we dipped before recovering.
And today, we’re up 120 points because folks believe unemployment is now below 6%. It’s not, though. The participation rate has now fallen by 95 million people. The real unemployment numbers are significantly higher.
As for our open positions, consider selling to close the Stillwater Mining (SWC) October 17 puts for a small gain. We heard from a couple of you that you banked up to 50% gains on it.
Be sure to hold all other positions at the moment. We’re watching everything very closely. The market has really wreaked havoc on everything out there.
Also, before we leave you for the day, we wanted to address an issue about the Lennar put trade exit. When we issued that alert, the bid-ask was above $2.10. That’s why we mentioned that price. It was not our exit price. Our exit price was $1.90. We will never claim highs of the day as exit prices. That’s not fair to any one.
Ian L. Cooper
Inside Value Trader