Market Recap
Quite the week in terms of price action. Small caps (IWM) continued their rip higher early in the week and finally took a breather the second half of the week. The real story was the selloff in tech, with the Nasdaq 100 shedding over 4% since last week's close and the S&P 500 down over 2%. In terms of price action, ignoring the reasons 'why', this is healthy given the tear QQQ has been on the last 6 weeks or so.
The Overall Performance
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The Performance this Week
Again, a decent week, nothing spectacular but positive on all strategies so that is a plus given the selloff of sorts. Some other traders I know did not fare so well this week. We officially kicked off Index Grid, which is free for now (and maybe forever). It's basic in the execution requirements for users and can offer some great returns on risk taken for those who are mature and understand long options strategies and how to control risk through proper (nominal) sizing when using a plug and play strategy.
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For more detailed performance check the following: Strategy Performance Page
The Week Ahead
GDP is the only item that could move the markets per the econ calendar, and if it does, we are not talking much (maybe 10-15 S&P points). For earnings we have TSLA and GOOG(L) on tap, both on 7/23/24 after the bell and we may have signals there for Pure Alpha. Both tend to exceed their expected move, with TSLA doing so 6 of the last 7 quarters and GOOG(L) doing so 5 of the last 7. This is the first thing we look for when screening what items on our list to possibly trade for earnings.
We have some exposure on in all three strategies, a bit bearish in Pure Alpha, neutral in Hedge Fusion with some Monday expirations in play, and will be bearish in Futures Focus.
We will fire off Index Grid Signals by Sunday PM for Monday morning. As of now looks like leaning bearish for QQQ but fully bullish for IWM...which means we will do some hedging in IWM.
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