Good Sunday to you! Last week I initiated some big call option trades based on my thesis that we have entered a new bull market.
I've purchased 36 call option contracts on $TQQQ.
26 TQQQ 02/17/2023 33.00 C and 10 TQQQ 02/10/2023 32.00 C.
Here's why I believe the NASDAQ index will be higher in the next two weeks, compared to this past week.
Last week, here are the returns of the major indices and what they mean…
S&P 500: +2.93%
–> General market trend is up.
Dow Jones: +0.58%
–> Rotating out of safe names.
NASDAQ: +5.45%
Russell 2000: 5.3%
–> Risky names are up.
Consumer Discretionary: +7.63%
–> Consumer confidence is up.
Oil and Gas: Down
Metals: Down
–> Inflation is down.
$AAPL strong uptrend –> the “King” is strong.
$TSLA medium uptrend –> the “Prince” is strong.
$GME medium uptrend –> the “Jester” is strong.
–> The market in general is strong.
$QQQ strong uptrend –> The NASDAQ is strong.
If the NASDAQ goes up, $TQQQ goes up 3x that.
If the NASDAQ goes down, $TQQQ goes down 3x that.
$TQQQ has a 56% chance to go up between 1-2% on 2023-02-06 according to Merlin.
… Therefore …
I'm bullish on risk-on trades over the next 2 weeks at least! Especially in the first half of the upcoming trading week.
I hope you found this analysis useful. Happy trading, wizards!
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