The market moved up on tech stocks boost. But it was a quite unimpressive move. We jumped in the morning on Microsoft’s upper hand over OpenAI circus hiring Sam Altman back and now negotiating his return back as a ChatGPT CEO. NVDA reported earnings and crushed it again, but surprisingly, the stock went down ($487.38 -12.02 -2.41%); I bet many Wall Street Bets gamblers who were loading on calls are now scrambling why did it happen. Well, NVDA said something about China. China is not good, NVDA is down… Wall Street only sees a few inches beyond their own tip of their noses. So don’t be surprised. We got tech stocks boost but apparently not as big boost as one would expect. But this unimpressive move played well to our trading.
We had a trade – an SPX Iron Condor – expiring today (4,460/4,470/4,625/4,635) and it is now well out of the money. Our protection was at -1.56% and +1.85% but the market moved +0.38% since opening this trade. It will expire for a full profit providing 3.43% gain in 2 days (102.91% annualized return).
This morning I opened two new Iron Condors (you can subscribe for alerts here) as I expect this sideways calm move for the rest of the week which will play well with these trades. Tomorrow, the markets will be closed and on Friday it will trade only until 1 pm ET so our trade set to expire on Friday will not have much time to go against us. I expect it to be a winner too.
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