MTM Options Trader Newsletter - Get Technical Edge on Your Trades

[image]() [image] This Week in the Market Stocks and the market once again did a lot of gyrating, but when the dust settled not much had changed from the previous week. All three of the major indexes closed above their 50-day and 200-day moving averages as a support level held when tested on Friday’s session. A continued non-bearish outlook on the overall market seems to be warranted with support levels still holding when tested. The CBOE S&P Volatility Index (VIX) moved a little lower than the previous week as option prices continue to trade on the cheaper side. It will be a short week of trading as the market is closed in honor of Presidents Day on Monday. With short weeks of trading come lower IV levels and option prices for that week’s expiration. As far as economic reports go, there are quite a few including the latest update to the GDP and notes from the Federal Reserve’s last session being released on Wednesday afternoon. Quarterly earnings continue to slow. Enjoy some much-needed time off and have a healthy, happy and prosperous week! Feb 21: Manufacturing and Services PMI Feb 21: Existing Home Sales Feb 22: FOMC Minutes Feb 23: Jobless Claims Feb 23: GDP Feb 24: Personal Income Feb 24: New Home Sales Feb 24: Consumer Sentiment [Read Our Blog]( Get Technical Edge on Your Trades Here is a really short blog about putting the odds on your side as a trader. You have heard me talk about this many times but it needs to be repeated often. What has a better chance of happening? Do you ask yourself that enough when looking at charts? If you don’t, then why not? QQQ Chart Below is a recent hourly chart of the Invesco QQQ. Take a look at the downward-sloping trendline that has acted as resistance since almost the beginning of February. Based on where QQQ closed recently [Continue Reading ...](=) MTM Watchlist Here are a few trade ideas we will consider in group coaching class this coming week: IWM – Besides SPY, we have done several trades using the Russell 2000 ETF. More double calendars and credit spreads will be looked at. AAPL – We hit a home run with a 152.5 call calendar last week and guess around where the stock closed on Friday? Another long calendar will be explored. COST – With its 200-day moving average near the $495 level, a bull put spread will be modeled out counting on the moving average to act as support if tested. [image]() The strategies in this newsletter are for educational and informative purposes only. All information disclosed in this newsletter should not be considered complete in its entirety. Market Taker Mentoring, Inc. will not be held responsible for changes, oversights, errors or omissions. Dates, prices, news and other information may not be accurate. Please verify all information before trading. You alone are responsible for your own investment decisions. Options involve risk and are not suitable for all investors. Before trading options, please read Characteristics and Risks of Standardized Option (ODD), which can be obtained from your broker; by emailing investorservices@theocc .com; or from The Options Clearing Corp., 125 S. Franklin St., Suite 1200, Chicago, IL 60606. No statement in this newsletter is intended to be a recommendation or solicitation to buy or sell any security or to provide investment or trading advice. Traders and investors considering options should consult a professional tax advisor as to how taxes may affect the outcome of contemplated options transactions. Copyright Market Taker Mentoring, Inc. 2008 - 2023. All rights reserved. Reproducing or redistributing this content is a violation of federal law. [image] If you do not wish to be contacted via email, you can unsubscribe using this link: [Unsubscribe]( Unsubscribing from email notifications DOES NOT cancel your class, subscription or recurring payments. We recommend that current students do not unsubscribe from email notifications. If you unsubscribe from email notifications, you will not be notified on how to access the classes or subscriptions in which you are enrolled. Market Taker Mentoring, Inc. PO Box 117 Frankfort, Illinois 60423 United States