The stock indices have started an intermediate term decline, the first leg down is behind us, the bulk of the move down still ahead. From some unidentified peak, more likely this week than next, the decline will resume and based on my EW analysis, it will do so in such a way to leave no doubt as to market structure, i.e., a third wave down at multiple degrees of trend. That scenario offers an imminently tradable one, with next month, out of the money puts. Any technical, fundamental, or geopolitical development notwithstanding, the plan is to hold and add to stock index puts, QQQ/IWM, until further notice. Meanwhile, back at the ranch, one sector is getting all hot and bothered about a pending SpaceX IPO and one of our picks from early in the new year has come alive, Planet Labs: PL Another case made for buying options with plenty of time left to expiration. These calls were bought on January 5th and all but forgotten until the past few days as talk of SpaceX's IPO is hitting the tape: The theme here is the upcoming SpaceX IPO, which is causing a stir among multiple space related stocks. Two of my favorites: ASTS - SpaceX Sympathy Play Breakout - Pending. A bullish hedge, just in case. RKLB - Another of our favorites from last year, also a SpaceX Sympathy Play: Breakout - Pending. RKLB Jun calls - keep an eye on as SpaceX nears its IPO.
