The SPY pulled back today after weak reactions from META and MSFT. The Trump/Xi meeting ended up being a big nothing and now we shift focus to Apple and Amazon today. Under the surface you’re getting all sorts of warnings about the real economy with Kraft Heinz saying the worst recession ever is coming and Chipotle being a disaster and blaming weakness in the sub $100k/yr demographic. To this point the market keeps shrugging all this off. Even with today’s pullback we’re still over the 8 ema so this isn’t anything terrible, we were just that extended which is why I said yesterday in the recap to take a day or two off, it is not often you get 3 closes outside the bands on the market. It’s crazy how long it has been since we’ve seen prolonged weakness in the market but if Apple and Amazon are weak today, I imagine we may finally get it.
My Open Book
Trades I Made Today
CMG - I sold to open 1000 of the Dec 27.5 puts for .22. I do think Chipotle has issues but they’re easily fixable to me, looks like Bill Ackman liked it too LOL
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