samosa 23:01 PM - Aug 03 2022

Thursday, August 4th Market Preview

What Happened? - 

  • SPY gapped up above 410 and really never looked back. Unreal day by the market to get all the way to 415. 
  • My puts that I swung were stupidly red so I did the natural thing and averaged down into oblivion. I am now holding a lot of puts and I am not thrilled about it. 

What to Expect?

  • Thursday
    • Premarket Earnings - K, CROX
    • UK Interest Rate Decision at 7am
    • Weekly Jobless Claims at 8:30am
    • Afterhours Earnings - AMC, SQ, FUBO
  • Friday
    • Premarket Earnings - DKNG
    • Payroll Data at 8:30am. This is the big data for the week. 

Current Positions and Plays:

  • I swung puts overnight and got pummeled. I did buy some time so I am going to gamble to see if this pullback shows up this week. If not, I am going to just take the Big loss and reset. 

What Do I Think?

  • SPY Technicals - We are now near overbought on the 30 min, 1 hour charts and the daily chart. We are back in overbought territory in the 4 hour charts. I mean by God, can we get these technicals worked out. 
  • SPY Technicals - We are now comfortably above the big level at 400 for SPY. We tested 413 and blew right through it to 415. SPY is looking like it wants to go to 420. 
  • Bonus Technicals! QQQ - We are overbought in 30 min, 1 hour, 4 hour are overbought. And are almost overbought on the Daily. This is wild. Like how much higher can they push this thing...

WTF is Going On?

  • So you just going to miss this entire rally waiting on this pullback?
    • Clearly, I am and fuck you for asking...
  • Ok grumpy, what are you hoping for tomorrow?
    • The ECB announces their rate hike tomorrow morning at 7am. I will be watching how the DXY reacts to this news. If it starts to move upward to 107, the market will pullback. 
  • Will you buy calls at all up here?
    • I just can't do it. The risk vs reward for calls up here is not worth it imo. I don't care if JPow is announced president of the United States, I can't buy calls with the RSI almost in heaven on all the major charts. 


  • Scenario 1: We gap up above 420. I will roll my puts and go buy some whiskey and tissues to start my weekend early.
  • Scenario 2: We gap down below 410. I will sell my puts and sit back and see if we are finally going to break down below 408 or if we will rebound. I will be watching the overbought conditions on the QQQ like a hawk. 
  • Scenario 3: We open flat (+/- 2 points). This is a sit back and see much like scenario 2.

Levels I am Watching

  • $SPY - levels 396 > 401 > 404.40 > 408 > 410 > 416 > 420 > I refuse to go higher on the levels. 
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Bones Tradez

Created By: Bones
Created: Mar 2, 2022
Total Followers: 27
Twitter: @BonesTradez
Options Trader - Not Financial Advise
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