Scott Redler’s Dog Bytes: Managing Big Metal Moves


SPX futures are +17 after closing on the lows Friday as the misdirection continues. We have the Fed Wednesday. We’re trying to figure out if SPX 4111-4222 holds and if oil put in its highs of the year. SPX pivot resistance is 4250, then 4299. The longer we stay below that, the more control the active bears can have. Tech still feels challenged. I'd watch 2022 lows in key names for clues.

GLD had a big move from $170 to $193+ and it is digesting. My $174/$177 call spread expired this Friday,. You can manage it and lose a little premium, or try and max it. Now see if GLD holds the $183 area. Otherwise it can see the 21 day near $180 so be careful.

SLV hit a high of $24.90 early this week. I'd think the 21 day near $22.90 holds. I managed some of my $22/$23.50 spread. Some might sell higher calls against spreads.

The China issues might drag down semis. See if AMD stays below $103 or reclaims it. $99.35 is the 2022 low. Make sure to have a plan.

NVDA remains trapped in its downtrend line. There are only small tactical things to do since it got rejected into the $232 area. Now see how it handles the $218 area. If it gets and stays below that, watch the 2022 lows.

Positions Disclosure as of 3/14/2022 at 8:55 a.m. ET