Steady Progress Beats Stalled Perfection

Welcome back to Hitting the Bid Weekly!

Around the Market

The S&P 500 (via SPY) started strong last week but ultimately traded in a wide range between ~$578 and ~$593. Most of the gains came after the long Memorial Day weekend, with the index finishing up ~2.35% from the Friday, May 23 close to the Monday, June 2 close. That said, momentum appears to be fading. Bulls will want to see continued strength this week or, at minimum, for the price to hold above $585. Meanwhile, bears will be eyeing a break below the May 23 low of $575.60 to regain control. We may need a catalyst to break the current range. I’ll keep you posted on what unfolds.

Other notable market moves since last week:

• Volatility (VIX) swung back and forth but ultimately settled lower at 18.36

• Gold took a breather but came back strong on Monday, closing near $3,400/oz. We’ll revisit this below

• Bonds continued their uptrend, though Monday was a rough day for bond bulls, erasing more than half of last week’s gains

• The US dollar started the week strong, but momentum shifted to the downside, wiping out gains and ending lower at 98.71

• Crude oil remained mostly rangebound between $60 and $62 but is now testing the upper end for a potential breakout

• Bitcoin struggled to hold onto its recent all-time high, showing weakness until it found support just above $103,000 over the weekend. Price has since recovered to $106,000

The Week Ahead

Economic Calendar

• ISM Services PMI (Wed 6/4 10:00a ET)

• Non Farm Payrolls NFP (Fri 6/6 8:30a ET)

• Consumer Price Index CPI (Wed 6/11 8:30a ET)

• Producer Price Index PPI (Thu 6/12 8:30a ET)

• Michigan Consumer Sentiment (Fri 6/13 10:00a ET)

• Consumer Retail Sales (Tue 6/17 8:30a ET)

Notable Earnings

• Lululemon Athletica LULU (Thu 6/5 after close)

• Broadcom AVGO (Thu 6/5 after close)

• Adobe ADBE (Thu 6/12 after close)

Not an exhaustive list — just a few I’m watching closely for potential market impact.

On My Radar

Last Friday, I entered a short put in Enphase Energy (ENPH). The stock appears to have built a bit of a base and is showing signs of positive momentum. With IV rank still elevated, I believe selling a put was the best strategy. This position benefits from neutral to bullish price action, declining volatility, and the passage of time. Check it out here!

This week I’m back to watching gold. In last week's edition, I mentioned gold consolidating inside a downward channel. On Monday, it made another strong push, up ~2.6% on the day, and is once again testing the top of that channel. I’ve since updated the channel to reflect a more conservative and (in my view) more accurate range.

Despite the strong move, I’m staying patient and waiting for a clean breakout before entering a position. IV rank jumped on Monday’s move, and I think there’s still room for further volatility expansion. My plan hasn’t changed much from last week: if I can structure a call diagonal spread with solid expected value, I’ll take the trade. This would be a mostly bullish, directional position that could also benefit from rising volatility. Alternatively, I’d consider selling a short put spread, a strategy that profits if the price stays neutral to bullish, volatility contracts, and time works in my favor.

What’s Top of Mind

Perfection is an illusion that often paralyzes progress. We wait for the perfect moment, setup, or strategy - only to find ourselves stuck in inaction. Progress, on the other hand, is tangible. It’s messy, imperfect, and sometimes slow, but it moves us forward.

In trading and in life, aiming to improve by just 1% each day is a powerful mindset. It’s small enough to feel doable, yet significant enough to lead to transformation. A trader might tweak their risk management plan, review a losing trade with fresh eyes, or refine their entry criteria. Outside the charts, this could mean being more intentional with time, getting better sleep, or simply drinking more water. These micro-improvements compound, just like interest yield in a portfolio.

Six months ago, I started using a daily report card to track my trading progress. Here’s how I work toward my 1%:

• Write one goal for the day and grade myself (A/B/C) on how I did, regardless of P&L

• Note one thing I learned or improved that day

• Write down one change to make for tomorrow

You can try something similar. Each Monday before work, write a specific, preferably measurable goal on a sticky note. Personal or professional, it doesn’t matter. Just make it clear. Stick it somewhere visible (mirror, computer, microwave), and set midweek and weekend check-ins (I use Google Tasks). Then, on Monday, review and grade yourself before writing your next goal.

Focusing on progress helps quiet that perfectionist voice saying, “this isn’t good enough,” and replaces it with, “what can I learn today?” That shift builds confidence, consistency, and momentum. Over time, 1% gains stack into exponential growth, something perfection can never deliver, because it rarely gets started.

Whether you’re tracking markets or personal goals: don’t let perfection stand in the way of progress. Keep trying to be better, 1% at a time.

P.S. Want to see more of my trades? Subscribe to my YouTube channel.

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Hitting the Bid content is for informational and entertainment purposes only. The information contained is not, nor is it intended to be, trading or investment advice or a recommendation of any security, futures contract, digital asset or alike. Trading and investing contains risk. All investors should evaluate their own risk tolerance, financial situation, and investment duration before entering any trade or investment.