The Rock Trading #TRT
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$AMD
🕑 Added 2024-06-10 12:56:02 +0000 UTCTalk about bad luck. I have not held $AMD options over a weekend in months and when I did this weekend, $MS downgrades $AMD to $176 price target. However, we've seen this before, usually the stock rallys back if the over all market does OK. So we'll have to see about that today as it's holding the 20DMA so far in the premarket.
$SPY $QQQ I expect "not much" action over next two days, as market awaits the most anticipated even this month and that's the CPI/ FOMC. CPI and the FOMC fall on the same day for the first time since June 2020. This has happened only 7 times since 2014, with the S&P 500 moving just 63bps on average (though most were in 2017 and 2019, when inflation and equity vol were low). Given the equity resiliency to the NFP print (SPX-0.1%), the low likelihood of Powell ruling out 2 cuts in 2024, and the potential for NFP up/CPI down, we find value in positioning for a rally with options - e.g., SPY 21Jun 545-550 call spreads cost $0.76.
$AAPL WWDC starts today, and stock is near the multi-year resistance level. If they sell the event, could spell temporary dips in the market.
$SPY plan attached.
Good luck.
