Whipsaw Crazy - Dow was +155 then -587 to close -420
We exited the SPY call we had issued yesterday today for a slight loss. The price was all over hitting a high of 3.39 then dropping 2.34 to a low of 1.05. It closed the day at 1.34 - we excited at 2.41 - then it went higher and dropped more. So we escaped with a slight loss of 16.9%. We attempt to control the losses and think we did an excellent job today.
The past two weeks have seen crazy market fluctuations. Today's fluctuations were caused by the announcement that President Trump intends to impose trade tariffs on steel and other products as early as next week. This news sent the markets all over the place. We have a new late alert today that we issued for Micron (MU). We hope this alert will make up, and then some, for the loss on SPY today.
We anticipate continued volatility.