So far, that 445.00 level that highlighted as major support for SPY last week is holding.
But if The Big Short’s Michael Burry has his way, this won’t be the case for long.
You see, it became known yesterday that 13F filings revealed HUGE short positions of 20,000 each in both SPY and QQQ put options established by Dr. Burry in the 2nd quarter.
If you have yet to see The Big Short, which was simply awesome and well worth your time, the premise was that Dr. Burry, played by the uber talented Christian Bale, saw the great 2008 financial crisis coming before just about everyone else, which led him to make a MASSIVE bet that the housing market would collapse.
While this bet paid off huge in the end, Dr. Burry, who is a physician/investor/hedge fund manager, placed his bet WAY too early, causing him several months of pain and lonely hours banging his head against his office wall, ignoring angry client phone calls, all while BLASTING heavy metal.
Will Dr. Burry be right again?
Only time will tell.
Think I’m worried?
And you want to know why?
Because I have access to a resource that is absolutely invaluable at times like this.
Folks, RagingBull has been at it for so long in this business for many reasons.
But right at the top of this list is the fact that our master traders are so closely knit that we always share ideas on the market.
There truly is power in numbers in this business, and when you combine nearly 60 years of trading experience, well, those ideas carry even more weight.
And when it comes to the direction of the market in general, my go-to for advice when I’m not in the ZONE is Jeff Williams (JW).
For much of JW’s 20 year trading career, he has been focusing on one market and one market only.
The S&P 500.
Widely known as the benchmark of all US market indices, the S&P 500 trades as the ETF SPY, which currently boasts the most liquid options available.
Now, don’t get me wrong…I am a seasoned veteran at calling the market’s major cycles myself.
Heck, I even warned the market was ripe for a correction just before SPY’s most recent on 07/27.
But JW’s calls?
Well, they’re a different animal.
JW has built one of RagingBull’s hottest services on a foundation of trading SPY for short intra-day periods, during one of the most volatile periods of day.
Folks, I don’t need to tell you that the market has done nothing but slide lower since late July.
And in this time retail traders have been all over social media crying about the pain they are in trying to buy the next turning point.
But not JW.
In fact, since SPY topped on 07/27/23, JW has rack up an incredible 85% win rate (*trading is hard, results not guaranteed).
And what could possibly be better than the 11 wins and 2 losses that Jeff has registered in the days following the 07/27 top in SPY?
JW teaches his students how trading this one security for just a few hours per day just frees up so much time in your day.
And judging from comments like this from real students, I’d say his methods are paying off.
After 20+ years of real-money trading experience and educating tens of thousands of traders just like you, JW has taken his past career as a New York State school teacher and created an easy-to-follow trading education service.
Every Monday through Friday morning (holiday schedule permitting), JW’s students are treated to some of the most valuable insights imaginable as he walks his student members through the WHY and the HOW of his upcoming morning trade plan.
Anyone that tells you they never lose when trading is, well, full of it 💩
Trading is hard and results like this are not guaranteed.
But JW’s teaching background is perfect for helping to turn losses into some of the most valuable trading lessons available in the industry.
Listen, I could sit here all day and talk about the tremendous value and insights JW brings to the table.
But you only have until midnight tonight to claim one of the about 15 openings (at the time of writing) that remain for traders that want to take advantage of an incredible LIMITED-TIME offer of 69% off of Jeff’s red-hot Market Navigator service.
(Extended) Doors close at Midnight, TONIGHT.