Update From My Weekly Plan

Given the higher than expected CPI numbers, the market was unable to bounce. At the current moment, we are not seeing any signs of a reversal. I am watching $IWM closely as its now completed a round trip to its Pre-Covid highs and is showing relative strength to $SPY and $QQQ. If $IWM shows signs of reversal, I will look to sell cash secured puts on it for a short term bounce before going lower to fill its gaps. IV is very high on cash secured puts which is why I will look to use those for my long exposure instead of equities or calls.

$MELI did complete its gap fill down under $700 as mentioned in the plan and better prices are arising each day.

Its important to stay nimble in this market as all bounces are continuing to be sold off. Like I mentioned - I am in 100% cash waiting for opportunity to arise.

I will happily update when I start to see signs of trend reversal. Until then, I sit in cash and wait.
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