The Most Important Thing This Week

Posted by Joe Duffy | May 7, 2023 | Joe Duffy's Trading Advantage | 0 |

Really a patience week coming up. As we discuss in the video, nothing has changed, except the market is gathering energy for a move. We have run to get to the resistance area discussed for several weeks. We are still in it. The consolidation doesn’t yet favor bulls but it does give them a better chance then they had 5 weeks ago when the sideways started. The conclusion is now is a time for patience. That is probably the number one psychological obstacle to overcome while trading. Patience. Now is the time to continue to have it.

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In terms of positions I exited my AAPL spread at breakeven last week before earnings. My SPY spread needs some help. My TSM position is thus far one day underwater from Friday’s action. If the market moves lower the latter can be regained quickly. If not, I’ll be exiting TSM.

Thanks,

Joe

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Joe Duffy

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