What I See In The Market This Week
Jun 12, 2023
THE WEEK
On Friday of last week, the Price/Action pattern had broken above a diagonal resistance. Trading volume was fairly high all week but prices traveled in a sideways pattern. We also saw the highs each day continually butting their heads against the 52-week high. The Market felt very neutral with Friday’s action an evening star doji and very neutral.
LOOKING AHEAD
I believe the Market is just holding its breath in anticipation of the FOMC’s decision on whether to raise the prime interest rate or just hold the rate where it now stands. Their 2-day meeting begins this coming Monday with announcement and press conference on Wednesday at 2pm Eastern. Whatever the decision expect a strong reaction either up or down.
HOW AM I DOING?
I did not a good trading week going backwards almost $400. I have some trades that are kicking my butt.
My July 21st CALL on OKTA is losing 61.5%. My other bad trade is MDLZ. I got PUT to 400 shares on Tuesday. It caught me by surprise and is currently losing $422. On both trades I am working on massaging them back to profitability.
Overall, I now have a portfolio gain of 71.5% after 7 weeks of trading live in our DATA class. That annualizes to a 532.2%.
“Not bad so get over your pity party of being PUT to and get on with trading well.”
That is me talking to myself.
This Thursday’s DEEP DIVE topic
Managing Margin
when you are PUT TO a stock
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☑️ Have confidence in making trade decisions for yourself?
☑️ Create wealth even in the most volatile markets?
☑️ Have peace of mind about your financial future?
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