VIX is down, SPY is down >> after the ugly week, we can expect a bit of upwards movement on Monday, but I would not go long. For sure.
There are a few positions I currently have open, which could already be closed for profit but it's best to wait for the volatility to drop so that we can take home more cash.
Some of my positions I had to roll down as it seems like there is no bottom in sight yet.
So what's my trade for today?
#MNST ( #MonsterBeverage ). Earnings just came out and the stock rallied nearly 4.4%. Do I see it going up much higher? Absolutely not. When the inflation and higher interest rates are squeezing the average household then I don't see them keep buying items that are really not necessary. Nevertheless, the IVR is still very high so it's perfect for a strangle, but instead of playing the June expiration, I wanted to play the May and just let it expire. Also worth noting that this is not an ideal stock for option traders due to the low volume, which makes it a bit more risky, but I am up for it.