Rocket Equities & Options Report 06-30-23
We are going short this market with a simple put in the SPY for next Friday expiration, July 7th.
Volatility is very cheap right now and we are just above the June 16th highs with dramatically lighter volume. This is a high risk trade so only trade with capital that you expect to lose, as this trade will be a total loss around 50% of the time.
The SPY is currently trading at 443.90.
Buy the July 7th $444 Put. It is trading at about $2.10 right now, or $210 per contract. This is all premium as we only have value below $444 in the SPY, which is basically right at what the SPY is at currently.
Friday, July 7th, we get the Non-farm payroll numbers for June, which should provide the potential for some volatility.
Stay tuned for updates, and have a great and safe 4th of July! Markets are opened for a half day Monday, TFNN will be closed. We will be back Wednesday July 5th.