Market Outlook Live! (Jul 8, 2026)

DT takes a quick look at what the markets are doing today.  Feel free to post questions and comments in the YouTube chat.  Super Chats are always appreciated and are more likely to get a response.

JOIN THE COMMUNITY VIA PATREON/DISCORD:
Become a "Premium Member" by subscribing on Patreon ( https://www.patreon.com/dtoptions ).  This gets you access to the Discord, including the daily voice chats on market days, as well as access to exclusive video content posted on Patreon, including all of the daily voice chats in their entirety.

BUY DT'S BOOK
🛍️ The Super Wheel Options Strategy: https://amzn.to/3v7gAXh

Transcript

SPEAKER_00 0:03

And we are live. Welcome to another edition of Market Outlook Live. I hope everyone is having a lovely morning. Today is Wednesday, July 8th, and it looks like the war is back on. So the war was off, and then it was on again, then it was off, and then it was on again, was off, now it's back on again. And the market is reacting. So yesterday, uh President Trump announced that pretty much the ceasefire is over, and you know, we might start seeing some more uh fighting between the U.S. and Iran. Iran's already been uh lobbying missiles at various targets, and the U.S. is responding. And Trump says, you know, they're all uh idiots, he shouldn't have negotiated with them in the first place. Yada, yada, yada. It's the same old story. Because of that, though, we did see a little bit of a rise in crude oil prices today, and because of uh rising crude, it's not a good sign for inflation. We saw yields rise, which is not what we want. We saw bonds drop, which is not what we want. We saw the precious metals, gold and silver, drop, which is damn sure not what I want because I'm very long right now. Silver, you guys know we talk about it practically every day. My position in silver that has not gone well for me this year. Um, you know, Bitcoin uh also fallen today, which you know is part of all of this, right? All of these markets, they need to turn around, right? They're going the wrong way. And because of that, the ES and the NQ, right? The SP and the NASDAQ are not doing well today. Let's jump into the charts and take a look at what the markets are doing right now. Right now, the uh ES is down 60 points, and that is a 0.8% drop in the SP 500. We've been down a little more than that earlier in the session. We've also rallied quite a bit uh early in the morning. At one point, it looked like we might actually turn green in the ES and the Nasdaq. I actually think the Nasdaq was positive there for a quick second. Um, right now, though, the Nasdaq is down 190. We were down oh much more than that earlier in the session. Looks like if I go and take a look at the uh information here in this box, what was the uh the low for the session? 28,909. So that is almost 280 points lower than where we're currently trading. Right now, though, down about 190, that's a 0.6% drop in the NASDAQ. So the NASDAQ is uh not necessarily all that weak considering uh what's going on in the markets today. The Russell is weak, though. The Russell gets hurt by uh inflation fears more than the other indices because the small caps, you know, these rising rates, uh rising uh crude oil prices, you know, all of that hurts small cap companies a lot more than like your big large cap and your big mega cap tech stocks that are part of the NASDAQ. You know, they can they can ride through whatever storm is coming. A lot of the small caps, they're the the they can't really handle you know crude oil going up four or five dollars a day, right? So Russell down 40 points right now, and that is a 1.4% drop in the RTY futures. And to complete the picture here, let's also take a look at the VIX futures. So right now, the VX futures are trading at $18.55 up a full point, up $1. That's a 5.4% increase in volatility. So yeah, that's uh telling you the market is a little concerned today, right? Not uh, you know, we're still 1850 on the VIX futures. That's not high volatility, but at least that little bump for a one-day move is telling you the market is concerned at least today, right? We'll see if the it's concerned tomorrow or not. You know, it could, you know, tomorrow everything could be back to normal. Who knows? If I sort my futures watch list here by change percentage to the downside, what is the big movers to the downside? Well, the biggest mover, unfortunately, is the one thing I don't want to see go down, and that is silver. Silver down 5.2% on the day. Right now, the SI futures trading at 58.15. That is not great because they had been slowly rising there for about a week and a half or so, and then the last two days, especially today's drop, basically erased all of the gains from the previous two weeks. So with my SLV position, yeah, I'm back to staring at some pretty nasty numbers. I've been staring at these numbers for a while now. I've got the hundred shares here. Obviously, that's an ugly position. I've got a short put that is about eight hundred dollars underwater. Uh, got the 58 strike put, six dollars in the money right now, so that's part of you know six dollars of intrinsic value. That I'm underwater on that position. I did sell a couple of different calls against that position to help offset some of the losses on the put, but the calls have far less deltas than the deep in the money put. The put is a 73 delta put where the calls are 12 delta and 11 deltas. So uh, you know, a lot of positive deltas on that call, or at on that put rather. So it's a very bullish position. And then that's not even taking into account the hundred long deltas, obviously, I have by uh holding a hundred shares. So it's a very, very bullish position that has not gone well. Uh but not to be outdone by uh silver, you know, Bitcoin is down a little more than 3%, down 2,000 points today, trading just a hair under 62,000, although, you know, it's still kind of in that range that it found about a month ago. Gold is down 2.5%, and that's not good for me either because I do have a gold-related position, not gold itself, but I do have a strangle on in GDX, which is the gold miners sector. This started life as a short put that went badly against me. It turned into a strangle, and it turned into two contracts of the strangle, rolled it seven times. It's an ugly position. Today's down move in the GDX is a 3.85% down day and down nearly $3 in GDX. That's a big move in a $72 ETF. Um, that hurt. Yeah, there's not much I can do about it. My put is still out of the money, barely. Uh about $3 out of the money. It's uh 37 delta put. I've got calls, and I've already rolled calls. I actually had calls that were uh rolled this morning in our members only Discord, I actually rolled the calls down. They had become like eight delta calls and they'd become like 60% uh profit winners. I rolled calls down to keep protecting the put. I may have to roll those calls down even further if we get another down move tomorrow, which you know, if this conflict, if the fears around what's going on in the Middle East, you know, if all of this continues the rest of the week and we see oil continue to rise, metals continue to drop, uh, bonds continue to drop, you know, this could become an even nastier position. I may have to take some more drastic measures here. I may actually have to just start adding more calls, you know, instead of just this started life as a bullish position, but maybe I just hey I need to sell more calls than puts, you know, something like that. Which, you know, sometimes it's right to just go ahead and uh turn the tables on the trade. Hey, I I was bullish, but now I'm about to be balls out bearish if I have to get back to break even. I'll do whatever I need to do to get back to break even. So um HG copper is down on the day, down 2.3%. So all the metals, very weak. The bonds down 26 ticks, and that's a big move down uh three-quarters of a percent in the ZB, the 30-year bond futures here. You can see the last week of trading has not been good for the bonds. Now trading at 110.28. And uh yeah, that's that's a pretty big reversal because we were trading at a at one point we got up into the 114 handle and now trading back into the 110 handle. I uh for me, if I was putting on a bond position, I'd have to be bullish. I think this pullback was a healthy pullback. So if I was putting on a new trade today, I'd probably go and buy an at-the-money call debit spread in ZB or ZN, depending on which product you want to trade. If we do this in the 30-year bond, I'd go to the 44-day cycle. I'd buy the 110 call and sell the 111 call. Basically, you risk one to make one. Now, this $1 wide call debit spread, the bonds are a big product, so this is not a $1, $100 wide spread. It's actually a $1,000 wide spread. And so it's 10 times as big as you think it is here in the ZB. Meaning, in this case, I'm paying a $578 debit to win $421. That's basically how this works. Basically, you're risking $500 to make $500, is typically what these uh work out to when you do these at the money called debit spreads in ZB. So we are it's a 50-50 kind of coin flip shot. Now, because we're just barely under 111, it's actually a 58% pop on the trade. So uh a little bit better than 50-50 on that particular trade. But if I was putting on a trade today, if I needed something in the bonds, that's probably how I would play that. Some of the futures moving higher today. The big story, of course, is going to be crude oil. So let's pull up CL up $5.26 now. And that is the high of the day, so it continues to rise. This was up, you know, about three bucks uh when the stock market first opened. It's gradually gone up since then. So yeah, this is a pretty good move. I pull up the one-minute chart here. You can see what has happened here in the last hour or so. Yeah, uh steady stair step higher. Again, that is not good for the stock market, it's not good for really any of these other futures markets. No one really likes seeing UL going back up like that. We pull up the BZ chart here, and this is a Brent crude. Brent is up uh 568 on the day, trading at 7984. Both BZ and CL up a little more than 7% on the day. Natural gas is also higher today, but just up tiny, up 0.4% on the day. Natty Gas has been trading in a pretty tight range here for what seems like the last month, maybe month and a half. Currency is not really moving much today. The currency futures, if we pull up uh 60 down 0.1%, not much of a move. The Aussie down a similar amount. The Japanese yen is the biggest move, it looks like, in the currencies. Uh it's down almost half a percent today, but the net uh Japanese yen is down pretty much every day. If you look at the yen chart, it's uh it's nothing but red candles and it's always a stair step down. That's a pretty much it for the futures. If we pull up one of my stock watch lists, let me pull up some of the big tech stocks, see what is moving around in these things today. Let's start with the big movers to the downside. Palantir down 4%, down $5.38, trading at just under $129 a share. And on my way the options just uh episode yesterday, I mentioned I thought it was time to sell a put in Palantir. If you did that yesterday, this $5 down move uh hurts you a little bit, but if you didn't take that trade yesterday, then you'd actually get a much better price on a nice pullback. If today is just a one-day kind of blip event, I mean who knows. Uh but if you were looking to sell a put, obviously you don't mind having that down day if you can go sell that put now. Intel down four dollars. That's about a four percent drop in intel. It's gonna hurt my intel position. I've got a short put and a short call. I did sell a call against it to help protect it, uh put on a call yesterday. Already at 24% profit on the call. I may need to roll that call down to help defend that put. I've got 33 deltas on the put and 10 deltas on the call. You know what? I wasn't gonna uh adjust this, but every now and then I like doing this on camera so you guys get to see how this works. Here in Tasty, I can right-click on the position and go to roll strikes down, and it automatically puts in a closing order for the existing trade and then buys the option right below those options. In this case, I'd roll the call down five dollars, I'd roll the put down uh two and a half, I'd pay 79 cents. Um, but I do have a lot of credits on this trade. Yeah, I already had a total of five twenty-five on the trade. I'd rather not pay a 79 cent debit. I'll roll the call down ten dollars. 55 cent debit, hmm. Still seems high. How about roll the call down $15? Now I'll only pay a 27 cent debit. I'll pay that. I'll put in an order for paying a uh 25 cent debit. Let's see if we get filled. And I did not, but I didn't really expect to get filled at 27 cents or 25 cents. Probably take it up to 26, see if somebody will fill me there. No.

SPEAKER_01 14:00

I guess they really want 27 cents. No 27, doesn't look like that's gonna get it.

SPEAKER_00 14:10

And I'll take it up one more to 28, and if that doesn't get filled, I'll just let that sit there. And as Intel moves around a little bit, that probably will get filled at some point. So that was a roll. Basically, we're rolling everything down. That'll give me a lot more uh negative deltas by rolling the call down. It also reduces the sh uh long deltas on the put by rolling it down slightly. Overall, I'll still have some positive deltas on the trade, but if intel keeps falling, at least I've protected myself a little bit on this trade. Although I don't mind necessarily taking shares of Intel if it comes to it. So I don't mind getting a sign on the put. So uh what else is moving around to the downside? So Palantir down, Intel down Coinbase, because the crypto obviously is down four percent on the day. Tesla is down eleven and a half uh dollars. That's a nearly three percent drop in Tesla. Oracle is down every day, Oracle down another three dollars today. If you look at the chart of Oracle, it's just a sea of red candles, it's it looks bad. Meta down twelve and a half dollars today. Um trending higher, still, you know, even with today's little pullback, a $12 down day is not much of a move in a $600 stock. But again, we'll see you know what happens the rest of the week in this market. Amazon down four dollars, but Amazon has also been trending higher in the last uh couple of weeks. IBM down five dollars. This has actually been really strong IBM in the last couple of weeks. Today it had a gap down, you know, because of uh the move overnight. But it really hasn't gone anywhere from where it uh gapped down. I mean it basically opened here, so it did have a little bit of an up and down range, but hasn't gone anywhere today. Google down slightly, uh I mean down five dollars. No, it's a 1.6% drop in Google, Microsoft down about 1.5%, down six dollars, MU down thirteen dollars, which is not much of a move at all in MU, but MU has been trending lower lately, although it looked like maybe it wanted to go up today, but the market had other ideas uh with the conflict in the Middle East. ARM down a little bit today, uh Netflix is down one percent, Apple is down 62 cents, basically unchanged. Apple really isn't moving. Um, is anything higher today? Well, Broadcom is up $15.80. That's a pretty good move. That's a 4.2% move in Broadcom there. I'm sure that's news related because with the entire text vector being red, it's up Broadcom. I'm sure that was some kind of news event. I don't know what it was. I don't typically read the news because it doesn't matter if you're trading this. I mean, why it moved doesn't matter if you're already in the trade. If you're not in the trade, why it moved doesn't matter because the moves already happened. So SpaceX is up 25 cents. Uh not much of a move. They're basically unchanged on the day. SpaceX trading at 149.69. So basically at $150, exactly where it opened on the IPO day. So it's just that is the floor, right? That is, and really, it just keeps retesting that 150 kind of level here. So probably a good sign for SpaceX, and that's a the floor for it. Yeah, what I go put on a bullish trade now. Well, I put on a bullish trade as soon as uh options were available a few weeks back. So I've got a put credit spread, it's underwater, it's in the money. Probably gonna lose on that, but I got 44 days left. I say I'm probably gonna lose on it. 44 days is a long time, and it's not that deep in the money. The 170 short put is uh the short put of that put credit spread. Could SpaceX be $20 higher in the next 44 days? Sure. Yeah, would not be crazy, but if I was putting on a new trade, what would I do? Uh I'd probably be bullish because it looks like it's kind of found a floor. Um, I I don't mind doing both sides of the trade because volatility seems to be contracting a lot in this. So something like a strangle or an iron condor. I don't hate that for a trade either. Let us actually price a uh an iron condor. If I sell the 16 delta put and go five dollars wide, I get a 95 cent credit on that. That's a really nice price on that uh put credit spread side of a potential iron condor, and then on the call side, let's go how about 17 delta call, five dollars wide. Yeah, I only get another 45 cent or 35 cents for the call side. Yeah, the call spreads do not trade very rich. So I would not bother with the iron condor. I'd just do a put credit spread. And if I do the put credit spread by itself, I'd want more credit. So I'd bump it up. Maybe hell, maybe that like the 23 delta, the 125 and the 120 put credit spread for a buck forty. That's a great price. To be so far out of the money, too. You get uh 140 credit and you risk 360 because it's a $5 spread here. $5 minus the $140 credit you receive means your max loss is $360. The pop on the trade 68%. The P50, if you manage at 50% max profit, which I always manage, put credit spreads for 50% winners, it's a 75% P50 number. So high probability trade. Probably what I'd look at if I was putting on a trade today in SpaceX, in SpaceX. Uh NVIDIA is actually up on the day as well. Nvidia up 42 cents. We pull up SMH, which is the semiconductor ETF. It's only down 50 cents. It's basically unchanged on the day. Now, most of the semiconductors are going to be trading lower, but you had one very big component of this that was up huge. Broadcom. Broadcom isn't keeping this afloat today. For you guys in the YouTube chat, if you got questions or comments, please feel free to uh ask a question, leave a comment. Right now, the market down 65. That's the ES SP down 65. I get back into my futures watch list. These markets really haven't moved all. I mean, they're some good two-sided action. There it seems like there's a lot of volume in the market today. It's moving around. The NASDAQ especially has been moving all over the place pretty quickly, but it looks like this is where they want to be. They want to be down around three-quarters of a percent today in the ES and the NQ. That seems to be the spot where they want to hang out today. So right now, ES still down 62, NASDAQ down 250, and the Russell, the big mover, down 43.

SPEAKER_01 21:03

Russell looking ugly. Getting back to the chat here.

SPEAKER_00 21:11

And we got a few people watching on the YouTube. And of course, this is a uh podcast, a video podcast that I do live on YouTube. I also release this as an audio-on podcast. So if you guys can't make it to watch live on YouTube, if you want to listen to the audio-only version of the podcast in a car or maybe on headphones at the gym, this is available as an audio-only podcast. I uh every day, as soon as the uh live stream is over on YouTube, within uh five to ten minutes after we're done. I uh I upload the audio. And if you know you can go grab that on uh Apple or Spotify, wherever it is that you download podcasts. And if you listen to us on those platforms on Apple, Spotify, give us a good rating. Give us a Five star rating or a big thumbs up or whatever it is on your platform that you can do to help grow this in the algorithms. Uh yeah, speckle, do you sometimes follow downtrends? I I'm not sure. Follow downtrends. What do you mean? If something's going down, do I just put on a bearish trade? Yeah. I mean, if something's trending uh in a direction, up or down, you know, I'm I usually it looks like it has some real momentum. I never step in front of it. Well, I won't say I never step in front of it, but you know, we've all made those mistakes in the past. Yeah, I I if something looks like it's just a runaway train to the upside or the downside. Usually if I'm gonna put on a trade, I'll go with the uh the trend. I never try to be a contrarian and call a top or a bottom.

SPEAKER_01 22:49

It's never what I like to do. It never works out. Uh yes, uh like Microsoft. Yeah, Microsoft.

SPEAKER_00 22:58

So Microsoft here in the last week was looking good today, having a bit bit of a pullback. But overall, I mean Microsoft, obviously, here I would have been putting on fierce trades, but now I'd probably put on a bullish trade. Some of it will depend on pricing. Like if I'm playing this with options. Oh, for example, if I wanted to do this as a spread, what does the uh put spreads trade for? For example, if I go sell the 30 delta put, go $5 wide, 157 credit. It's not a bad credit on the put side. Pretty good put credit spread. Let's go 30 deltas on the call side. Well, 31 deltas, $5 wide, 122. Not as juicy. So, you know, if I was gonna sell just one side of the trade, probably do the puts rather than the call. But it's not it's not terribly skewed, so I actually don't mind doing both sides of the trade. I'd go a little wider doing both sides to form an iron condor. Go 18 deltas on the put, go five dollars wide, 93 cents. That's pretty good. Typically, I want about 70 to 80 cents, so 93 cents. Good. And then on this side, I'll go 19 deltas, go $5 wide. Yeah, that gets me to about where I want. If I wanted 70 to 70 to 80 cents on each side, I want around 140 to 160 total credit. I got 150, exactly the number I was after. Risking 350 to make 150. Iron condor. That's if you really don't know where this is going, have no directional assumption. It's probably what I would be if I was, you know. I like doing both sides of the trade. If you're gonna do one side or the other, I think you, you know, the put spreads just trade, Richard.

SPEAKER_01 24:46

So I'd probably sell the put spreads rather than the call spreads.

SPEAKER_00 24:53

Because in the end of the day, whether you think this is gonna go up or down, it's all guesswork, right? Nobody knows where anything's going. Nobody can predict things. So, and because of that, you know, that's why you know the iron condor probably makes more sense. You could do a negative strangle, but Microsoft's a big product trading at $382 a share. So, you know, things that are high price, and Microsoft, even though it's a big stock, uh it's popular, you know, liquidity isn't it's not horrible, but it's not as liquid as something like an NVIDIA or even an Apple. You know, I don't mind doing strangles in that for here.

SPEAKER_01 25:30

Yeah, just like I always do iron condors in Microsoft.

SPEAKER_00 25:37

But if you if your account size warrants it, you know, you feel like you need a bigger trade, you don't have to define your risk by buying those long wings. You can just buy the short or sell the shorts and do a strangle. Yeah, I hope that yeah answered your question there. Yep. No problem there, speckled dust. And uh yeah, anything else from you guys in the chat as we watch this market sell off here in the last few minutes. So it looked like the market kind of found where it wanted to be today, but in the last few minutes, pulling up the one-minute chart here in the ES. Definitely trending lower. The ES is now down 78 on the day, the NQ down 339, the RTY down 50 now. That 50-point move in the Russell. That's a good down day.

SPEAKER_01 26:26

That's a really good down day in the Russell.

SPEAKER_00 26:30

Uh uh, that's not great for me because I sold an iron condor in the RTY two days ago, and uh this down day is not hurting me as far as directionally. I mean, it's hurting me a little bit directionally, because iron condor is directionally neutral. But what's hurting this trade is volatility is going up on this trade, right? And volatility going up is not gonna help an iron condor, it's gonna hurt it. So that's why negative PL on that. I do have some trades on in MES. I've got a 30-day call ratio I just put on two days ago. That was something uh, I think I did that with the uh Discord members. 30-day call ratio, which at the time I was just looking for a new trade and I didn't want to keep putting on put ratios. So I was like, well, I can put on a call ratio for no buying power because it's uh free in terms of buying power because I already have put ratios. You can't lose on both sides, right? I can't lose on these put ratios and a call ratio. So I can always add call ratios for no buying power. So I added it, but I was like, man, I hope this market doesn't scream higher right after I put this on. Well, it didn't, right? We had a nothing kind of day yesterday, and then a obviously a big down day today. This is actually making money, only being in it two days. Um, so that's a nice trade. And then the put ratios uh showing a negative PL on a big down day, because mainly volatility is kind of, you know, this primarily these are short options trades, so volatility going up is not what you want. Well, the volatility is hurting us a little bit more than the directional move because these put ratios, I mean, these short puts are so far out of the money. 12 delta, this is a uh nine delta, and we're eight to nine hundred points out of the money on these put I think we're nearly a thousand points out of the money on the short puts on those put ratios, so we're nowhere near being in the money. So, yeah, those trades are fine. Showing some negative PLs, but you know, most of these trades that are showing some nasty negative PLs today will probably come back to us. Oh, this this is a crazy move here in XLF, the financial sector ETF, down almost a full point, down one dollar on the day. That's a 1.7% drop in the financial sector today. That really hurt these long calls. These long calls, I was at one point, these long calls were up like 150, 160 in profit, and now I'm back to just being break-even on them. Yeah, because of yesterday's uh down move and then today's big down move. Yeah, erased all the profit on that trade. So yeah, we're back to being uh XLF currently trading at $55.12. My long calls were the 55 strike. So that's unfortunate. XSP got all my butterflies, foot butterflies, and call butterflies. I had an additional call butterfly that had 16 days on it. I closed for a 60 cent loser today. And why did I do that? Is because I wanted to take a smaller loss on it because I didn't feel confident that I would ever win on it, because I needed the market to go up about 200 points in the next 16 days to profit on that butterfly. And with today's down move, and with some uncertainty in the market, I don't know, 200-point uh move in 16 days, and then the uh SP in the ES. I could it happen? Sure. I just didn't feel great about it, so I took the smaller loss, but I've got some other trades on. I mean, all the other butterflies. I've got four butterflies, three puts, and one call butterfly. They're all fine, they're all showing uh positive PNLs right now.

SPEAKER_01 30:12

Yeah, anything else?

SPEAKER_00 30:16

Not really. It doesn't look like my role and Intel is gonna get filled at the price I wanted. My guess is intel keeps dropping.

SPEAKER_01 30:27

Yeah. Do I want to keep chasing this and down? See, where is this now? This is now a 13 delta, yeah. I do want to get filled on this. I'm doing a 35 cent debit. And I could always roll out to September as well as a defense for this trade.

SPEAKER_00 30:56

September's, I think, a now 70 DTE trade, which I don't mind being out 70 days. I'll pay 40 cents to make that roll. I probably overpaid a few pennies. But again, I got a lot of credit on this Intel trade anyway. I still have what 680 credit on the you know. Now I'm down 389 on the trade, so uh, but hopefully all of this comes back to me. But if it doesn't, I've got a lot of credits on these options with the rolls, and again, I don't necessarily mind taking shares at $95 a share. And if I just let all this go to expiration and get assigned at $95, if we finish in the money, which is not guaranteed. As a matter of fact, it's likely it won't, but if it did happen, I get assigned at $95 a share, but I had $680 in credit, I'd get filled at my cost basis would be $88. No, what what would my cost basis be? Uh my math.

SPEAKER_01 31:53

Uh $80.

SPEAKER_00 31:57

Around $88, $89, around $88 a share.

SPEAKER_01 32:02

I don't hate that taking those shares in Intel.

SPEAKER_00 32:05

So you guys in the chat, anything else before we uh call it a day as this market continues to stare a step lower. Any questions or comments? Say it says, so your market is bearish too. Yeah, well, I mean, the market is bearish today. I don't know about my market. So I have some uh some trades that don't mind a down day. One thing is my uh SP 500 trades for the most part, none of these get hurt by a down day, except this call do have a call butterfly that would be a loser if the market continues lower for the next couple of weeks. But all the other trades really don't mind, you know, up market, down market, sideways market. They get killed in a crash, but you know, pretty much everything gets killed in a crash unless you're somebody placing lotto ticket kind of bets on a crash. And you know, that's that's not the way I play. Don't typically buy lottery tickets.

SPEAKER_01 33:12

Yeah, anything else from you guys? ES now down 71, NASDAQ down 300, Russell down 49.

SPEAKER_00 33:22

Pretty good down date for today. I would say if you're staring at some ugly positions, because especially the rise in volatility is hurting short options positions, also some of the big moves, but the rise in volatility is really kind of uh making some of the negative PLs a little bigger than what you think they probably should be. Probably best to uh, if you're not sure exactly what to do, how to defend a position, probably best just to not do anything for today. It's just one day. And uh, we come back tomorrow and see what tomorrow brings. If tomorrow brings more of this, then yeah, we're gonna have some work to do. If tomorrow seems like, hey, you know, it was a one-day event and tomorrow the market's not really doing much, or even if it goes up, um, yeah, then we're fine. It's best not to overreact. Overreacting, especially, uh, can get you in trouble because you can end up rolling your options positions into positions you don't want to be in. If you ever make a role, and the role you end up in is a position that you're like, man, I would never put on this trade as an opening trade. I'd I'd never want to be in this position. Then you shouldn't be in that position now. You probably should just close the trade as a loser, you know, accept the loss and move on to something else. And the reason you end up getting into those trades that you, you know, those trades that look ugly that you'd never put on as an opening trade is because you made some crazy roles when you were desperate. So don't be desperate. Alright, guys. Well, I'm gonna go ahead and call it a day. That's it for this edition of Market Outlook Live. I'll be back tomorrow morning. Have fun trading.

SPEAKER_01 34:58

Peace.