SPY is down a bit, VIX is down. This gives me the feeling that tomorrow we will see an upwards move in the market.
Many of the large companies are so beaten up that it actually surprises me that the overall market hasn't fallen more. I traded Walmart a couple of days ago after it fell off the cliff but it still hasn't found its bottom yet. It's about a 22% drop in value in 3 days. That's insane for such a large global company.
WMT Daily Chart
So what's my today's trade?
Another stock that has been beaten up big time over the past month and a half is #AAPL (#Apple). It's down nearly 24% since its very recent high and it's hard to imagine that it won't bounce back sometime soon. I selected the June $115 put, which is at 9 delta. In other words, it's significantly below the current price level with 93% probability of profit (POP). The potential return is very high considering how high the POP is.
AAPL Weekly Chart
Trade Type: Short Put
Expiry: 17 Jun
IV Rank: 69.5
Cap Req: $1150
Annualised Prof at Expiry: 97%
IMPORTANT: tracking the performance of older trades is essential to gain significant knowledge about options trading. Check out my today's adjustment: