Option Trader wrote a note · May 22, 2021 14:55

Market review of this week and market forecast of next week.

It's been a roller coaster week, from Monday to Tuesday the market was doing well, but the news of the tax hike on Tuesday caused a market plunge at the end of Tuesday and on Wednesday. Luckily, I and my students were able to sell all the call options and buy UVXY's call options in a timely manner. We sold them on Wednesday. $ProShares Ultra VIX Short-Term Futures ETF (UVXY.US)$Took profits, then bought again $DraftKings (DKNG.US)$And $FireEye Inc (FEYE.US)$ , $ProShares UltraPro QQQ ETF (TQQQ.US)$call options. On Thursday, the job data and unemployment claims exceeded expectations, pulling the Nasdaq back to near 13,300. Influenced by the sharp drop in bitcoin and investors taking profits on Friday, the Nasdaq opened high but fell at the end of the day. However, overall the Nasdaq still held at 13,470 support level and formed a small W pattern at the high. So, if there's no specific bearish market over the weekend, the Nasdaq will still oscillate upward to above 13,550 next week.