Week in Review 10/28/2024-11/1/2024
It was another profitable week and month of trading for us at SPX Option Trader! We ended this past week with +182% ROI in our SPX Daily Outlook, +151% ROI in our SPY Daily Outlook, +222% ROI in our SPX Aggressive trader, +200% ROI in our SPY Aggressive trader, +66 % ROI in our Late Day Trader, and +46% ROM in our SPX Spread Trader. We ended the month of October with +370% ROI in our SPX Daily Outlook, +356% ROI in our SPY Daily Outlook, +237% ROI in our SPX Aggressive trader, +248% ROI in our SPY Aggressive trader, -233% ROI in our Late Day Trader, and -109% ROM in our SPX Spread Trader.
This week was a strong one, with all strategies generating solid profits. For October, most strategies showed nice gains, though we experienced a drawdown in the Spread Trader and Late Day Trader. We embrace the wins and stay unfazed by drawdowns, trusting our time-tested trading strategies to drive consistent results. While no one can predict the market’s response to the upcoming elections with certainty, we are confident that using the insights provided in each Daily Outlook will keep us on a successful path. We’re excited to continue day trading SPX and SPY 0DTE options next week. Below are our comments for each trading day of the past week.
10/28/2024
Daily Outlook
No trade was made today due to market conditions. The market moved too quickly and too far in the opposite direction of our forecast.
Aggressive Trader
No trade was made today due to market conditions. The market moved too quickly and too far in the opposite direction of our forecast.
Spread Trader
No trade was made today due to market conditions. The market moved too quickly and too far in the opposite direction of our forecast.
Late Day Trader
We entered a call option position just after 1:50 p.m. We held our positions to the close for -100%. While it is never enjoyable to take such a loss, it is not unusual for our Late Day Strategy. Remember this is a highly aggressive and speculative strategy. Just didn’t go our way, so we shake it off and look forward to tomorrow.
10/29/2024
Daily Outlook
We forecast a down day in the market and entered our positions before 9:35 a.m. The market quickly ran in our forecast direction, and we hit over +30% in our option positions. As the SPY hit the 1st target level we started using about a 30% trailing stop, as well as watching the action at that 1st target level. How the market responds to those levels is always important for our exit decision. There was a fast reversal back through the 1st target level in the SPY and as it started to rally, we exited our positions just after 9:40 a.m. for +9% in SPX and +8% in SPY. Another profitable day and we look forward to what next tomorrow will bring.
Aggressive Trader
We forecast a down day in the market and entered our positions before 9:35 a.m. We adjusted our stop as the market moved and exited our positions at 9:45 a.m. for -22% in SPX and -17% in SPY. Just didn’t go our way, so we shake it off and look forward to tomorrow.
Spread Trader
We exited our SPX Spread Trade early for a return -10% ROM. Just didn’t go our way, so we shake it off and look forward to tomorrow.
Late Day Trader
Due to market conditions, there was no trade for us today.
10/30/2024
Daily Outlook
We forecast a down day in the market and entered our positions just before 9:35 a.m. The market quickly ran in our forecast direction, and we adjusted our trailing stop as it ran. As we hit over +100% we started using about a 15% trailing stop. As the SPX hit the 1st target level, we hit over +130% in our option position, and then the market started to reverse very quickly. As it did, we exited our position just after 9:40 a.m. for +108% in SPX and +82% in SPY. Another profitable day and we look forward to what next tomorrow will bring.
Aggressive Trader
We forecast a down day in the market and entered our positions just before 9:35 a.m. We adjusted our stop as the market moved and exited our positions just before 9:45 a.m. for +92% in SPX and +64% in SPY. Another profitable day and we look forward to what next tomorrow will bring.
Spread Trader
We exited our SPX Spread Trade early for a return +6% ROM. Another profitable day and we look forward to what next tomorrow will bring.
Late Day Trader
We entered a put option position just after 1:30 p.m. The market dropped very quickly. As we hit over +210% in our option position we started using about a 50% trailing stop. As it started to bounce we exited our position just after 1:40 p.m. for +166%. That fast reversal was concerning, and why we chose to lock in the profit. So, another profitable day and we look forward to what tomorrow will bring.
10/31/2024
Daily Outlook
We forecast a down day in the market and entered our positions before 9:35 a.m. We were watching the daily target level as a possible stop level, but didn’t exit as the market tested the level, we waited just a bit as we often do and the market turned and started to drop nicely. As the market quickly ran in our forecast direction, we adjusted our trailing stop. As we hit over +50% we started using about a 20% trailing stop. The drop stalled and as it bounced, we exited our position just after 9:55 a.m. for +33% in SPX and +28% in SPY. Another profitable day and we look forward to what next tomorrow will bring.
Aggressive Trader
We forecast a down day in the market and entered our positions before 9:35 a.m. We adjusted our stop as the market moved and exited our positions just after 10:15 a.m. for +46% in SPX and +38% in SPY. Another profitable day and we look forward to what next tomorrow will bring.
Spread Trader
We held our SPX Spread Trader position to the close for +40% ROM. Another profitable day and we look forward to what next tomorrow will bring.
Late Day Trader
Due to market conditions, there was no trade for us today.
11/1/2024
Daily Outlook
We forecast an up day in the market and entered our positions before 9:35 a.m. As the market ran in our forecast direction we adjusted our trailing stop. As we hit over +50% we started using about a 20% trailing stop. There was some volatile action at 10 a.m., and we gave our positions a little extra room, but as it appeared to be heading lower, we exited our position just after 10 a.m. for +32% in SPX and +33% in SPY. After a brief pullback the rally continued, and greater profit was possible later in the day. We were able to capture some of this run in our Aggressive Trader. So, another profitable day and we look forward to what next week will bring.
Aggressive Trader
We forecast an up day in the market and entered our positions before 9:35 a.m. We adjusted our stop as the market moved and exited our positions just before 10:25 a.m. for +105% in SPX and +116% in SPY. Another profitable day and we look forward to what next week will bring.
Spread Trader
We exited our SPX Spread Trade early for a return +11% ROM. Another profitable day and we look forward to what next week will bring.
Late Day Trader
Due to market conditions, there was no trade for us today.