Recap of last week
Last week played out exactly as expected. Shorted the Friday close on February OPEX with SPY puts, and closed them out Wednesday morning.
I didn’t like how the bears failed to get any traction below 4950 SPX, and decided to cut them before FOMC minutes and NVDA later that day, with the intention of jumping in long upon a favourable result.
Jensen came through, and we were ready to pull the trigger and hit a market buy on ES at 5010 around 4:30 pm Wednesday.
As soon as I saw big buyers hit the tape, I pulled the trigger. If you look at the chart, you’ll see we instantly went green, and this long ran for about 115 points in less than 48 hours. I dont believe we even spent 60 seconds in drawdown. Thats how good the timing was. That was the only ES trade I took the entire week. Quality over quantity.
Once again, there were no losing trades this week. Banked on the short side with a small base hit, then flipped long for the huge winner to end the week.
Next move for markets