TRADING WEEK SEP5-8

There was upward volatility again last week. The intraday trading ranges for SPY were 3.43, 6.99, 2.89, 2.67 and 3.99. The hi-lo for the week was 13.70. Last week's QQQ straddle was a winner. This week's SPY 08Sep23 451 straddle at 6.62 looks like a winner even with a four day week. The VIX futures are firmly in contango. It's tempting to establish a purely bullish position. At some point the market will backtrack. The upward moves are happening quickly enough to cover the cost of the straddle so that might be the best bet right now. That way if the market does backtrack you can profit on the downside both directionally and with the pop in implied volatility. KR is releasing earnings before the opening on the 8th.