🚗The 4000 Strikes Back

[] [( [( MARK-et Open Griff with the chart of the day. 4000 took back its title of the largest gamma strike in the S&P 500 complex this week. This morning I wrote in my Win the Week Market Update that 4000 was strong resistance and to fade a 1% move away from the open. The market cooperated. It opened and rallied ~1% from the open to just above 4000 and failed. [ My plan was to sell a Mar23 SPX call credit spread 40 points above the market … I sold the 4030/4040 call credit spread for $1.40 just as the market reached 4000. However, it expired worthless and added some juice for bigger trades. This was a good example of letting the market come to you. Identify the areas where option positioning gives you an edge and if gets there execute … We may be stuck in this 3900 - 4000 range again until another macro shock ignites a bigger move. My best piece of advice: play the range. Let’s Go! [ [ - POWER INCOME TRADER: SPX 4030/4040 call vertical closed for a 100% gain - TRADING DESK: VIX Mar22 30/42.50/55 call fly & VIX Apr21 23 puts closed for an 11% gain Want to find YOUR winning fit? Give our Customer Care Team a call at 1-888-8772-3301 Monday-Friday from 9 a.m.-5 p.m. EST. Or email them anytime at [support@optionpit.com](mailto:support@optionpit.com?subject=) VIX Edge: An Ugly S&P The Option Pit VIX Traffic Light Is Yellow: Volatility is likely to move wildly. The S&P 500 looked like it was gonna have a banner day on Wednesday… The FOMC statement seemed pretty bullish … then Jerome Powell started speaking. Over the course of yesterday’s Fed meeting, we watched the S&P 500 go from up over 35 points to down and then back to up on the day … And once everyone had a moment to let things sink in, the selling started. The S&P 500 closed down 1.65% to 3936.98: an ugly day. What is next? Where is the market going? How can you profit? [Click here to find out.]( - Mark Pit Report: OXY Chart Analysis Licia Leslie in the Pit Report today. Of all the energy/oil stocks, Occidental Petroleum (Ticker: OXY) is one of the favorites just because we all know it is a favorite of Warren Buffet. Which pretty much gives it a floor or a price level support where he is a buyer. OXY has been trading in a range of $56.50 to $76.50. That range has narrowed most recently from $68 to $58. Then just last week, OXY broke down below that $58 level trading down to $55.50. [Click here for my full analysis.]( - Licia AG's Views: Chips And A Dip From the desk of Option Pit Director of Education Andrew Giovinazzi I have been knee deep in classes today, but it’s hard to ignore the Market Vector Semiconductor ETF (Ticker: SMH). What’s even harder to believe is that it’s only 20 points away from 2022 highs of $282. I guess the market is moving to stocks with low p/e’s and solid balance sheets – which is just about every Semiconductor stock around save Nvidia Corp (Ticker: NVDA) since the multiple is skyhigh. [ A decent idea would be to short NVDA via puts and buy some SMH calls. Just don’t spend a ton on the NVDA puts. - AG OPTION PIT GLOSSARY [( There are plenty of terms in the trading world that need defining. The [Option Pit Glossary]( is here to help. Today's phrase is: Strangle: A long call and long put in the same series, but at different strikes. The long strangle profits if the underlying makes a big enough move above the call strike or below the put strike. [( DISCLAIMER: FOR EDUCATIONAL AND INFORMATION PURPOSES ONLY; NOT INVESTMENT ADVICE. The materials presented from Option Pit LLC are for your informational and educational purposes only. 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