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Morning Brief: Pain Continues-9/1/22

As the first trading day of September starts, the pain continues as the market slid into its 4th down day yesterday. The gains made in the previous month, seem to have been wiped away after the Fed meeting in Jackson Hole. All signs point to another bubble burst, and a 25% slide seems almost guaranteed.


Tech continues to take larger hits. Especially for semi-conductor stocks as the U.S issued export trade embargoes to NVDA and AMD, to continue to hammer these stocks in a massive sell off.


TRADES:


I am already looking at the week ahead, putting on shorts yesterday for weekly options on TSLA, CMG, NVDA and AAPL.


The VIX seems poised to make gains, and don't forget that when the Ukraine Russia war broke out the VIX hit ~38 price point.


#TSLA: Still short here, holding two puts in a credit spread, with a 20 point spread. I sold 303.33/306.67 calls for the week ahead, and added on shorts for this week selling 292.50 calls yesterday. I closed some of my sold puts yesterday at open and will continue to ladder down shorts as the stock drops.


#CMG: Seems stuck at this in this 1,590-1,620 price range. I closed my sold calls yesterday for this week to free up some margin, and am looking to sell calls for next week today. I have 1,515 by 1725 squeeze here. Premiums still remain high.


#BBBY: Continues to get hammered, and the short selling pressure continues. This gives me mini flashbacks of the GME swing, and I am curious at what price point the meme traders will try to get back in. It seems most learned their lesson on GME, and have already begun to close out all their gains early .


Continue to expect pain, and we might see one Green Day on Friday, as traders will look to target short positions before expiration and a small rally into close might happen.


 


INSTAGRAM: daytrading_traveler





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