3/27/2020 Markets surge this week and hit my recovery targets. I am unsure of next week’s market direction although I suspect markets will want to retest the previous low made on Monday this week. Looking to sell another cash secured put on Boeing.

Hi everyone, I hope you enjoyed your week. I just got notified today that school is now “effectively” cancelled since we can choose to have a pass/fail for our classes after we’ve seen our letter grades. More time to stare at the stock market 🙂

The indexes and Boeing reached my recovery targets I posted a few days ago. For a reminder, they were:

SPY 255, DIA 215, QQQ 190, BA 150

The indexes look like they want to drop from their current levels, although I am unsure where we will go next week. I suspect we will get a gap down on Monday, and might retest the previous lows (about 15% lower). 

Regardless of what happens, when the market is volatile like this, it presents good opportunities to buy discounted stocks when everyone is panic selling. Since my Boeing put expired today, I plan to sell another one at a strike price of 140 for next week. 

Daily chart of Boeing below:

Enjoy your weekend, and stay healthy.