TRADING WEEK OCT16-20

It was another week where trading from the long or short side of volatility could be profitable as long as you knew what you were doing. The intraday trading ranges for SPY were 5.87, 4.69, 3.40, 6.90 and 6.57. The hi-lo for the week was 10.33. There was enough movement where you could scalp more than you would lose on the decay of time value if you were long volatility. If you were short volatility it didn't make too big of a move that would have required a costly adjustment. The SPY 20Oct23 426-431-436 call butterfly for 0.95 makes sense if we have another week like the last two weeks. The only danger is if there is a big overnight move that can't be hedged. Retail Sales come out at 8:30am ET on the 17th, with Industrial Production following forty-five minutes later. Housing Starts come out the following day at 8:30am ET. On the 19th Existing Home Sales comes out at 10:00am ET. It's full steam ahead for earnings season with BAC, GS, JNJ reporting before the opening and UAL reporting after the close on 17th. The following day the two giants of the week, NFLX and TSLA reporting after the close. AAL reports after the close as well, with ABT and MS reporting before the opening. On the 20th AXP and SLB report before the opening.