Too busy yesterday to update my positions, so let's catch up.
I closed out my AAPL Sept 170p for a small profit. I wrote 160p for yesterday, those should be worthless in a few minutes (boom!).
I went long ES overnight, closed out this morning (a bit early).
Fed has effectively paused now. This ends the Fed Trade. We now switch to normal economic conditions where the indicators work normally instead of inversely. I think we're here - maybe one FOMC too early, but we're in transition at least.
Tech - AAPL reported overall decline in revenue. The top should be in for QQQ within a couple months at most. You can't keep pushing new highs with declining revenues in an inflationary environment. Companies are resorting to final straw -- layoffs to hit EPS and buybacks to support stock.
Today I'm looking to short NQ and hold for a week. I think we're going to see rotation out of tech next week. I'll also buy back my AAPL puts for September or later, still 170p.
I'll be looking to go long KRE today (calls). It hit me last night after the close, so already missed the run this morning that is now obvious, but I'm expecting the Fed/FDIC to come up with another rescue operation over weekend which may include short-selling ban (absolutely silly). Let's ride it, though.
