In Summary The market is hanging gingerly onto the last key levels before a deep dive becomes the most likely outcome. We are using SPY 510 as our line in the sand for adding onto May/Jun put positions. Meanwhile, GLD and BITO calls, or what may be left of them, turned in a stellar week and are both subject to respective trailing stops which if hit, should trigger exits on all but a few token positions, held, "just in case." A Good Week For Our Option Positions Forward Trade Management The above positions still have weeks-to-months until expiration. All should be subject to 50% trailing stops and/or your own preferred exit for taking gains and/or limiting losses. Insofar as there is only one week left in April monthly expiration, proceeds from that GLD call position should be rolled over into Jun expiration, banking some, reinvesting the rest. The Most Bearish Chart This Weekend A series of first and second waves on the heels of a fifth wave top implies a steep third wave decline dead ahead. We've been there before to no avail, so does that make this time more or less likely to follow through to the downside? If that last red support line gets taken out early next week, its all in on the short side. This 30 minute view below makes matters look even more dire: The Second Most Bearish Chart Note the BITO down red arrow, i.e., a Sell Signal for the Intermediate Term Trend. Bitcoin is still not confirming with its own Sell Signal, not yet and a non-confirmation that only reduces, does not eliminate, bearish credibility. Third Most Bearish Chart - A DJI Intermediate Sell Signal This one was put up on Friday and it shows the first Intermediate Term Sell Signal on the Dow since August 2023. If the DJI is leading the way down, look out below. GLD GLD looks to be headed to lower channel trend line, making 210 a Key Level to hold for further gains, Keep 50% trailing stop a mental stop to protect profits. CVNA As promised, a CVNA Sell Signal on the close Friday. Any negative price action on Monday is a trigger to buy Jun 21st $60 puts, preferably under 5.00, looking for $15, minimum. CVNA 2021 - 2022 Fell 90% in 24 months (from initial red down arrow) - and is in worse financial shape today.
