Well you heard it straight from the Fed Chariman's mouth yesterday: "Inflation is not transitory. It is time to retire that word". Markets crashed hard upon this news, as it signaled that the Fed will start tapering spending months earlier than anticipated . Do I think it was a shock to Wall Street? NO. Do I think anyone with a brain new this inflation wasn't transitory? YES. There is nothing unanticipated by this news, and I expect as Biden continues to increase spending it will only get worse for 2022. If you add this to the overreaction of the Omicron virus, things are looking dim going into next year. Another world wide shut down is going to cripple the global economy, and we really could be looking at a depression , not a recession, coming into play. Until then, let's focus on some weekly trades.
The market is up big in the Pre- Market, and AAPL is leading the charge.
AFRM: Is showing some weakness and we have continued to sell calls and sold some puts yesterday to strangle the trading range.
DASH: Still continues to touch support and we have a dual credit spread straddle in play, and will continues to unwind one leg of this on a move.
GME: Dropped off hard yesterday and is showing a struggle to keep above the 200 price point. I sold more calls yesterday and hedged by buying a put over night in case of a huge move.
MRNA: Continues to sell off as PFE pills come close to FDA approval, and the Omicron news becomes more and more bearish for a covid spike.
NVDA: Flirted with breaking 320 for good, but gained support late into the trading day. I have a strange here and continue to add on .
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