Buying puts on this stock?

Here's why I think it'll work!

August 08, 2024

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Good afternoon,

I am trading the August 16 UVXY $35 puts in the upper $3’s.

Today’s economic data demonstrated a recession isn’t likely.

Markets are ripping higher and I think they hold up. If they do, it’s likely a near-term low and possibly the bottom headed into the election.

This means fear should subside and UVXY return to the $20’s.

The key for this trade to work well is a break of $35 support on UVXY and I think it goes for <$30 pretty quickly.

One variable is the Iran / Israel geopolitical situation but that appears to be fading.

I also like small-cap calls so IWM calls 4-6 weeks out. I think you could see the IWM back up to $230 headed into September as they get ready to start cutting rates.

That’s probably a multi-week hold on the IWM calls. For expiration end of September makes sense here.

So keep an eye on UVXY puts, I think it’s back in the $20’s soon.

And watch IWM, I bet it’s up to $230’s as rate cuts come around.

If you’d like these swing trade alerts to your phone as I enter and exit, check out a PREMIUM subscription to Jason Bond Picks.

Eat, sleep and trade,

Jay

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