MTM Options Trader Newsletter - Put Your Profit Taking Orders in Immediately

This Week in the Market It was a scary market just in time for Halloween as buyers got spooked about COVID-19 and earnings and avoided the market as if it were haunted. All the major indexes took it on the chin as stocks dropped and implied volatility moved higher. The FAANG stocks did not do well after earnings except for Alphabet (GOOGL), which pushed stocks even lower. The three major indexes are all well below their daily 50-day moving averages with the Dow finding some current support from its 200-day moving average. Whether the sell-off will continue this week is anyone's guess. Speaking of this week, is there anything special happening? Unless you have been living under a rock, you most likely know about the election on Tuesday. Obviously, there is no way to predict how the market will react, so traders and investors need to keep that in mind no matter who they are rooting for or against. Implied volatility levels are extra elevated ahead of Tuesday and will most likely decrease as the week progresses provided the market does not sell off in a big manner. If that were not enough, you have several economic reports to digest, including a Federal Reserve meeting on Thursday and the latest jobs report on Friday before the open. The Fed is not expected to move rates. Have a healthy and prosperous week and a careful one as well!

Nov 2: Construction Spending Nov 3: Factory Orders Nov 4: Trade Deficit Nov 5: Jobless Claims Nov 5: Labor and Productivity Nov 5: FOMC Meeting Nov 6: Unemployment Nov 6: Wholesale Inventories Nov 6: Consumer Credit Read Our Blog

Put Your Profit Taking Orders in Immediately The market has been a volatile beast and there are no signs of that slowing down especially with the election on the horizon. This post will not only be an eye-opener to some but will also remind others of something they should already be doing: Set up a profit taking order as soon as you enter a trade. Make It Easier Using these potential profit taking orders can make things a tad easier for an option trader, and it's also just plain smart. If you have an order in place, you might get filled when you Continue Reading ... MTM Watchlist Here are several ideas we will be watching in group coaching class this week: AAPL – With the market and AAPL sliding lower, call credit spreads will need to be considered again. GLD – With the market in doubt, this precious metal may get a boost. If some support around $176 can hold, bull call spreads will be explored. WYNN – Bull put spreads at support around $70 have worked successfully over the past couple of weeks. Without a huge sell-off in the market, they will be looked at again.

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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 calling (888) OPTIONS; 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 - 2020. All rights reserved. Reproducing or redistributing this content is a violation of federal law.

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