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Morning Market Brief- 8/29/22

Well after a much needed vacation , I am back to trading and will be blogging daily again on market news, trades, and more courses.

If you don't follow my socials, I was on a six month hiatus traveling through Europe. I started my trip in London, where I spent an amazing New Years Eve. Then I headed to Mexico for a little break before heading out to Dubai. My trip spanned from Dubai to Turkey, where I spent time in Istanbul then headed to the much touted beach city, Antalya . Then I headed to Vienna, Austria then to the famous alps. Then to Lisbon, then Brussels, Bruges, Luxembourg, Prague and a a few more places. I will update trip specifics with travel tips, restaurants, airline reviews and such later on.

Lets get down to trading. Before I left, I hedged all my long positions, expecting the huge down turn that happened. I cut those, and let my longs run back up to close to 52 week highs. But it looks like we are once again back into a down huge down turn after the Jackson Hole meeting. We are pushing rates close to the 2007 level, inflation is at an all time high since the 1980s, energy prices have skyrocketed and things are looking grim . I have put on some shorts for my underlying longs and am back to day trading weekly options here.

The normal tech stocks I have day traded, did stock splits this year, which has really ruined premium values but as usual, one has to adapt to the new market dynamics.

Some positions I am working around are below:

#CMG: This is one of the few stocks still above the ~1k price point. I have taken advantage of a nice trading range, especially with the stock popping after earnings. I am working a wide trading range and will eye some put credit spreads

#TSLA: With the recent stock split, we will have to see what the trading range will be, but am working a squeeze , leaning to the short side

#SNOW: Popped huge after earnings and was one of the few stocks on Friday that was still resilient to the market crash .

#BBBY: The meme stock is back, with the swings coming in hot to the long side. They will report on their new structure investing deal this week , so keep an eye out , as the stock is currently popping in pre.

I am still eyeing NVDA, AAPL, BBBY and some others


INSTAGRAM: day trading_traveler

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