Hey Trader,
Looks like this week we're doing some up and down action each day.
The Dow started out the new week much higher and Nasdaq much lower as there was plenty of pending news that could affect stocks later in the week.
The infrastructure plan on Thursday and the potential government shutdown on Friday.
'Proceed with caution' was the tone for our Group Coaching session on Monday, however that didn't stop us from finding and executing on some pretty great wins this week.
An AMZN iron condor was looked at and a ZI bull put spread for a credit of 1.80 was modeled out.
Looking back at a trade from last Friday, the TSLA Oct-8 765/800 bull call spread was up 7.00 ($700).
A GS bull put spread for a credit of 0.70 and a CHWY bull put spread for a credit of 0.55 was also considered. A neutral bias on BYND between some support and resistance prompted an iron condor for a credit of 0.90 for consideration.
On Wednesday, stocks gapped higher to start the session but had trouble advancing early on. Implied volatility levels retreated from levels seen on Monday with stocks holding their own for the time being.
A couple of bear call spreads were discussed because of potential resistance levels potentially keeping the underlyings from advancing.
One of Dan's OptionsRaider trades was looked at as well.
And to our group coaches excitement a ZM tradebroug from last Friday was looked at again and is currently trading at 0.15 for a profit of $65.
Nasdaq was the strongest index at the open but continued to slip lower throughout the GC session. Because of general weakness, more bear call spreads were looked at.
A CLX for a credit of 0.40 was considered because of some nice potential support at $172. A bearish directional trade idea on Z was modelled out after a breakdown below some support.
Following up on 2 trade ideas from Wednesday...
AMZN bear call spread (Oct-1 3405/3415) could have been exited for a profit of 1.20 ($120)
And the SPY (Oct-1 440/442) could have been exited for a profit of 0.45 ($45) in 24 hours.
We closed off the week with the Dow looking strong, but moved lower throughout our Group Coaching session.
A pre-earnings straddle on CLF was discussed after talking about straddles in class. A long Oct-22 20 straddle was modeled out and another bear call spread on SPY was considered with the last several working well
We hope you had a successful week of trading MTM Fam and saw a few of these winners on your own.
And if you didn't, we are always happy to offer a first time trial run of the MTM Advantage Group Coaching class for less than ONE DOLLAR for an entire month of coaching.
That means you have an opportunity to see all of these moves in detail, live, everyday the markets are open alongside an expert trader.
That would have been 21 days of diving LIVE into the markets with a mentor who can help you see potential movers and where to focus your energy trading.
It's almost as if you're getting real time live alerts constantly during that hour Monday through Friday.
If you're looking to invest in yourself even further then I'd like you to Click Here and take a minute of your time and take a look at what additional coaching opportunities MTM has to offer you.
Good job this week Group Coachers and we'll see you again on Monday!
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