Rocket Equities & Options Report 10-09-23
Markets accelerated Friday on a hot jobs number, but traders seemed to focus on less wage growth than expected.
The strike on Israel this weekend will drive geopolitical tensions for some time as they are just starting their response on Hamas. The visuals and loss of life are saddening and astounding.
We are going to hold our SPY short trade for now. We entered a debit put spread in the SPY from the 435 to 415 price point, which expires on October 27th. We entered this options trade on September 21st at about $4.65, when the SPY was trading at about $434. Our option is trading right now at a value of about $7.55, with the SPY at about $427.27.
We are holding for now. This trade iss looking for a move to the $415 area in the SPY and we are going to hold for now.
Yields are pulling back a bit today with the 10-year Treasury yielding about 4.8% right now. On a short term basis, the price of the 10-year has jumped from 106'03 last week to 107'21 right now, but on a slightly longer term basis we just traded down from 117 in May of this year. The trend is still lower price and higher yield.
SPY Fibonacci Retracement Areas From 2 Different Trends
10 Year Treasury Short Term
10 Year Treasury Longer Term
Disclaimer: Trading in securities such as stocks, options, indexes, currencies, and futures involve risk and should not be undertaken without due diligence and serious independent study. Options, stocks, currencies, and futures trading, involve substantial risk. Subscribers may carry out their trading based on what they learn from “Rocket Equities & Options” however all risks of potential financial losses are the customer’s responsibility. TFNN, Corp. will be in no way liable for financial losses resulting from trading decisions based on this newsletter. Past performance is no guarantee of future results. Reproduction in whole, or in part, is not permitted without prior written consent. Copyright 2023 all rights reserved.