8/6, Trade Of the Week Offers A 10% Return In 1 Week On An Overbought, Bearish Chart Setup

After last week, I’ve now posted 12 of these best weekly trade ideas and 11 have worked out. Last week was incredible, I closed the CLX put spreads for a near 80% return, it definitely helped me outperform the market overall last week. I wanted to say that last week, buying the put spreads really was not my style, rarely will I suggest buying premium like that, although it worked out and we all made money, I prefer to sell premium vs buying it.

Let’s get into the how, what, and why for this coming week. Yes a bearish trade, 2 weeks in a row, what is going on, well I told you when it was time, I too would trade things to the short side.

Below you will see the chart. This is a textbook bearish rising wedge.