"10:07 on the Dot"... And The Lawyers Get Rich Again While You Hunt for Gasoline in a Robe (Plus Fan Mail?)

Friday morning has become the home of the SPY reversal trade... More regulations that will make you poorer... and the likelihood of a negative momentum turn next week.

Dear Fellow Expat:

This morning, I was live with my usual crew at 9:30 AM. We saw an Apple (AAPL) selloff to start the day. Momentum went red intraday for a whopping 13 minutes… and then flipped back intraday green at 10:15.

At 10:07 am, I was talking about the SPY Aug 4, 2023, $450 call, which was trading at $0.72. We discussed the buy for the day.

What happened? Well, since it’s Friday and the market has no trend, it bounced off the third standard deviation at the bottom and screamed higher for the rest of the day.

By 12:50 pm on Friday, those $450 calls, which earlier traded at $0.72, hit $2.90.

That’s a 300% return. The strategy is simple.