Money Vikings Investing - Week of 4/9/2023
In This Issue: Market Report, GenX Retirement Tips, Oil Surges, Rates Lower, Gold Shines, HotTrades 🔥
It was a shortened trading week, but there were some interesting developments. SPY hung out around 410 for most of the week, not doing a whole lot. The 10 year rate was down to 3.29% which caused bond prices to increase. Oil rallied to 4 month highs, continuing to boost the energy sector. Gold continues to trade near highs not seen since last year.
Discord & Substack Chat (see link below)
Indexes and Macro Indicators
S&P 500
Weekly Finviz Heat Map
Communication Services led, up 4.45% for the week (and 18% for the quarter!), while Industrials lagged, down -2.19%. Even though Tech was down this week, it is the best sector for the quarter, up over 22%.
Yield Curve & Rates
Rates are falling to 7 month lows, but the spread levels have not changed much for the week, as we remain inverted around 58 bps below 0. The 2 year still trades above the 30 year and 10 year.
The VIX
The VIX continued to remain low this week, below 20. I usually like to take off as many premium selling strategies as I can at this time and pounce when volatility spikes again. There is less Fear and more Greed in the market as last week we were at 49 (neutral) and this week we’ve moved to 57 (greed).
HotTrades - Closed GLD Iron Condor for a Scratch
Iron Condors don’t always win. In fact, I expect to lose around 25% of the time because I try to take trades with at least 75% or higher POP. The trick is to manage the losses and not let them get out of control. After wrestling with this GLD Iron Condor for a few weeks, it ended up being managed into an Iron Fly, where the most profit is pinned at 187.5. Since we had less than 21 days to go and I could close for a scratch (-$1), I decided to take this one off, and perhaps reestablish a new GLD trade next week.
GLD Iron Condor. To close the iron condor for a scratch ($-1) (3.56 debit or less):
Sold 1 GLD 04/21 Put 182.50 @ 0.79
Bought 1 GLD 04/21 Put 187.50 @ 2.73
Bought 1 GLD 04/21 Call 187.50 @ 2.62
Sold 1 GLD 04/21 Call 192.50 @ 1.00
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I love The gauge - it’s made up of so much more than just vix, like advance/decline, put/call ratio and many other indicators.
I appreciate how you include the VIX and fear gauge readings. I find it very helpful to watch those