Weekly Trading Journal 08-06-23 and Volatility Is Back At It Again

Volatility Is Back At It Again | Stock Market Trading Notes | 08-07-23

The stock market is a volatile investment vehicle. If you can’t take the heat, get out freakin kitchen!

Let’s shout out to our futures trading bot, Mr. Genie Bot. Genie had two key alerts that led to major gains!

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Some winners from our trading chat:

$PLTR - Bought @ 16, High of 20.

$TSLA - Our line in the sand was 240, that level held, and we retested 260s.

$SQ - Bought @ 66 and had a high of 80.

$AMC - Options contracts went 100%

$AMD - Options contracts went 30%

/ES - Long at 4520 and sold at 4545. 2 /es contracts ($100 per point)

$SPX 4595c - did not work and was our loss for the week.

It wasn’t a perfect week as we sold some, rolled a few, and held a few.

/ES mini Levels are for September contracts. I trade/ES mini futures for new readers, but these numbers correlate to the $SPY and $SPX index. If you want to learn more about how I integrate futures trading and options trading, read The Power of $SPY

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Trading Plan

I am looking for 4470 to become support this week. Under we could trade trade 4420-30. We have two major data reports next week.

1. Thursday CPI

2. Friday Consumers Sentiment

If further downside were to come, it would come on a gap down open Monday or after consumer sentiment release.

Key Notes

• Good consumer sentiment is bullish

• Interest rates may remain higher for longer

• Looking at price action characteristics

  • $msft $appl $tsla is holding support levels but is directionless. I don’t expect $SPY to break the highs of 4630 until big caps lead again.

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Next 100 points?

• We are now trading 4498.

• In theory if 4470 slips then 4420 can come.

• On the contrary if 4470 holds on the weekly close the. 4500 could be tested once more for a double top action.

Trade safely,

Disclaimer:

This newsletter is not trading or investment advice but for general informational purposes only. This newsletter represents our personal opinions which we share publicly as a personal blog. Futures, stocks, and bonds trading of any kind involves a lot of risks. I guarantee no profit whatsoever, and you assume the entire cost and risk of any trading or investing activities you choose to undertake. You are solely responsible for making your own investment decisions. Owners/authors of this newsletter, its representatives, its principals, its moderators, and its members, are NOT registered as securities broker-dealers or investment advisors either with the U.S. Securities and Exchange Commission, CFTC, or with any other securities/regulatory authority. Consult with a registered investment advisor, broker-dealer, and/or financial advisor. By reading and using this newsletter or any of my publications, you are agreeing to these terms. Any screenshots used here are the courtesy of Tastyworks, Think or Swim, and/or Webull. I am just an end user with no affiliations. This blog's data, quotes, and information are from publicly available sources.