SPY Review
The tides continue to ebb and flow, and our primary goal is to roll with them as best we can. This is just the concept we were illustrating yesterday when highlighting the imprtance of having a range of bullish and bearish targets on watch during such volatile times. The markets dipped in the morning, and recovered rather nicely throughout the course of the day.
That gave our updated idea on the SPY some traction early on in the session, with our targets posting some respectable moves:
SPY Weekly $280-278 Puts
$280: 2.93-5.05 (+72%)
$279: 2.50-4.44 (+78%)
$278: 1.18-3.34 (+183%)
With the report on retail sales showing more than a 16% loss for the month of April, the market may head lower and push these gains up even further early on.
Fresh Options Ideas*:
DKNG Weekly $25 Calls
AMAT Weekly $54.50-53 Puts
ACB Weekly $7-8 Calls
CSCO Weekly $44-43.50 Puts
*Please do not trade weekly options on a Friday unless you are an advanced level trader with access to disposable funds!