Market Overview 11/18-11/22
SPY and QQQ hit all time highs last week but it's been almost constant selling since then. Friday had a significant gap down. I'm still bullish on both SPY and QQQ despite the dips so far. Even if the gaps fill, we are not out of the uptrend just yet. Watch the most recent daily lows as the support we want to hold. This week's economic calendar is lighter than last week but there's still some action to be aware of. Watch for Fed speakers that could potentially introduce some volatility intra day throughout the week. Tuesday and Thursday have some critical premarket data drops that you are going to want to mark the highs and lows of as you day trade. The energy sector is outperforming currently with 8 days above the 5 SMA, a new high on Friday, and has been in a daily uptrend since September. --- For those of you looking for a trade idea, here ya go: SITC Sell to open $15 puts for December 20. Shoot for a minimum price of .40/contract which will net you $40/contract in cash flow. You'll need $1500 in your account per contract to bring in the cash flow and a willingness to hold on to 100 shares the stock if you get assigned. If you want details on how to trade the strategy for this idea and why I like it, watch the video I uploaded last week for you here. Let's have a great week, everyone!