Sunday night weekly recap, AUG 11, 2024

How was your weekend? Do anything exciting? I had a little bit of “unplanned” excitement this weekend. First off let me share that no one got hurt and everyone is okay. As I was standing in line to get inside a public venue where there were a few different little kid b-day parties going on, a fist fight broke out right behind me. 2 young men in their mid / late 20’s. They didn’t know each other, and I had never seen either of them.

What I was able to do however was physically get in between them and stop them in their tracks. There had to of been no less than 12-15 little kids with their young moms in that line. And in true “PaPa” fashion after it was over I threw my hands up in the air and blared “Who wants cake and ice cream”!!!!!! All of them under the age of 6 cheered…. We here at investingwithfaith.com are big with the cake and ice cream crowd… 🙂 

Sound like the stock market this past week? It sure does to me. The amount of volatility and the speed in which it happened was fast and fierce. Then the recovery was truly something to cheer about.

S+P 500 price of 5,200 was the major support for the week, that has now moved up to 5,270…. That might be a little conservative, but for now we are still playing it safe. We did put some money to work this week, we went into SPY and GE both for swing trades. ( Wrote about GE on Friday with a chart ) And we are watching for a add on to our good friend SFM. It’s almost there, almossssttt…….

In the meantime lets take a look at a few charts of interest. And as always the Heat Map from the past week, the past 4 weeks and the past 12 weeks in that order. Hey, if you like this content will you share it with your friends? Thank You

Invest wisely, live charitably and be well

Brother Bill

SN. Love this chart. The Options on it for this Friday AUG 16, 2024 are strong however the bid / ask spreads are a little wide. Don’t chase, let price come to you. The 20 SEP 2024 Options however are exceptionally strong and the bid / ask smooths out there. Also it did just reach a fresh 52 Wk Hi and a pullback could be in play before an advance. Outside of Long Calls this is a true candidate for monthly income generation plays like Calendar Spreads and Iron Condors. ATM Bull Call Spreads could be a viable option here as well.

ENB Even with my level of experience as an Options trader here is one that you don’t see every day. The Calls for AUG are decent, the Options for SEP are strong. Then the Options for OCT call for a reversal in action meaning they are heavier to the shorts. It’s odd, it’s weird, buyer beware, for anything past SEP 20, 2024 at least. We like the fresh high on it, and the ebbs and flows are very easy to spot,. One thing is this could be the top of an upward channel, well it is, so it either breaks higher here or could pullback deep.

CSR This is a common stock only, avoid the Options as they are weak. If you go back longer in time this shows potential for previous resistance levels that are much higher.