Trading Update May 20th

SPY held $167 after making attempts above and below. What we're seeing now is an environment that advocates a trader to exercise the discipline of not trading. Writing strategies against what ‘looks' to be solid breakouts & breakdowns is also a strategy that can be employed as the markets slow down from this infamous bull run. Priceline

was the name to be in today for the folks here at Sanglucci.com. This one was able to make an alpha move without the influence of the lackluster indexes. Many traders are waiting for the short trade to happen or that one rug pull day where the DOW goes down 200 points. Judging by the action in the Financials today, I'd imagine they're going to have to wait a bit longer. Gold & Silver put in a ridiculous move higher around 12 PM today and subsequently began one of the most gruesome short squeezes I've seen in a long period of time. Maybe it was news from the FED about future easing or how the dollar was trading but something set this off and they never looked back. What a perfect place to stick a plunger up the shorts ass, huh? Gotta love the equities markets… What I've finally learned, after much painful trial and error, is that writing options can indirectly cut down your losses. The simple fact is you now have a valid strategy to play alongside the smart money and market makers when the market goes cold. I've been really cutting down well on my losses this month and I give my new writing strategies the credit. Stick with Lucci!