Quick Hits for the Week of 10/30/22

SPY

The S&P 500 was up over 6% this week, slicing through  the 380 level and closing over the 20 and 50 EMAs. It is very close to exceeding the recent September high of 389.31.

spy

 

Bitcoin back above 20,000

On Tuesday, Bitcoin was finally able to break and hold above  20,000. Like the S&P 500,  it remains above the 20 and 50 EMAs.
BTC

Finviz Weekly Heatmap

source: finviz
Despite some earnings turbulence this week, all sectors were green, with Real Estate, Utilities and Consumer Defensive sectors leading the market.

Rates, Yields, Bonds

All 3 benchmark rates remain over 4%, but the are beginning to show signs of deterioriation. The 30 year is trading over the 10 Year, but the 2 year is still exceeding the 30 year rate.
source: koyfin
yields

The VIX

Closing below 26, the VIX was down over 15% this week while the Fear and Greed indicator entered “Greed”, a reading we haven’t seen since August.

The US Dollar

Perhaps fueling the rally, the dollar declined over 2% this week.
dxy

Poor Man’s Covered Call in WBA

WBA PMCC – Poor Man’s Covered Call. WBA exceeded my 35 short Nov 18th call, so I rolled up and out to 37.50 for a ~1.00 debit. My long 32.5 strike in June of next year is in the money. Our friends Nick and Mike over at Tasty Trade confirmed this roll was probably the best way to manage the risk. Forward to (54:29).

Earnings

More earnings next week with SoFi, Lilly, AMD, CVS, Roku, Starbucks, Draft Kings, Paypal, and Coinbase all reporting.

earnings

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