Get Ready For This Move

Posted by Joe Duffy | Aug 5, 2024 | Joe Duffy's Trading Advantage | 0 |

I have two levels of support for the SPY. The first sound 520.The second below 500. I am going to give you the likely pattern for SPY low to form— at least a swing low. SPY opens the day gap up higher. Sells off hard to new low. SPY reverses that decline with a strong upside climb. During the new low plunge, the VIX fails to make a new high.

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Likely to happen over the next 10 days. Giving you the pattern to watch for now, so you can watch for it. Best area is under 500 in the SPY. Obviously my longs on MSFT were wrong. Cut for 48% loss. I have a double position in TLT (long term bond) call options which are up big. I sold some Aug 16 98 calls against some of my existing positions. Recall I have long calls from 92.80 TLT. Carvana is up $11 from my $127 entry. CSCO is down $1 from my $47.80. Overall all mixed but the TLT winners are a lot bigger than the other losers.

Thanks,

Joe

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Joe Duffy

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