The markets ended green with the Dow 30, S&P 500, and Nasdaq ending +2.37%, +0.99%, and +0.35%, respectively.
SPY
QQQ
Hope you guys had a great Thanksgiving weekend! Let me know if you bought anything for Black Friday or did anything fun over the past weekend on Discord. With that being said, let's get right into it! The markets just had its 5th straight green week. Stock gains continued on Wall Street on Friday, marking a strong start to December. Federal Reserve Chair Powell advised investors that anticipating immediate rate cuts was "premature." Despite Powell's cautious tone, the market interpreted the news positively. The upcoming policy meeting in less than two weeks is expected to maintain steady rates, with many on Wall Street suggesting that the central bank may have concluded its rate hikes, even though Powell acknowledged the possibility of future increases.
Steve's Trades
AMZN
AMZN Cash-Secured Put
Expiration Date: December 29, 2023
Step 1: Have $14,500 of cash as collateral
Step 2: Sell 1 $145 strike put option (delta 0.38) for $254
Credit/premium received: $254
I chose the $145 strike because AMZN seems to be hovering around this level for the past two weeks. There have also been other instances in the past, circled in blue, where the $145 level seemed to be an area of confluence. Again, tweak these numbers to fit your risk tolerance as needed.
As a friendly reminder, I'm also getting a 5% APY by having my cash sit in my Fidelity account as I sell my cash-secured puts. Here's the link if you're interested in getting started!
Manage Your Cash Against Rising Costs | Compare Our Rate | Fidelity
Investing SPY
If SPY breaks and stays above the $460 level, I'll buy some more shares. The $460 level has been resistance in multiple instances, circled in blue, in the past year. QQQ
I'm planning on buy some more QQQ shares if it can break and stay above the $400 level. COST
I bought some shares of COST as it surpassed its previous resistance of around the $573 level. HD
I also bought some shares of HD as it recently bounced back from its previous support of around the $280 level and looking to test the support of the $339 level. V
I bought some V shares because it broke its resistance level of $250 and is currently on its new all-time-high! MA
Lastly, I bought some shares of MA because it's almost breaking its all-time-high, looking to follow V.
Hope this helps and as always, be patient and keep investing consistently over the long term!
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Be patient everyone! It looks like Santa might be coming this year. 🙌🏻
-Steve and the Call to Leap Team
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