I’m showing my age here, but I’ve never used the social media platform Snapchat. Nor do I have any plans to do so.
But I’ll happily trade options in the stock when there are favorable setups. And we have one now.
Let’s get right to it. [Read more…]
[Options] Catching Up To the Leaders
Healthcare is an early leader out of the clubhouse to start the year. We’ve already seen some big moves in names like Merck, Amgen, and Lilly.
This is a sector rotation that makes sense to us. And for this reason, today’s trade is in a name we think will play catchup to these leaders.
But first, lets zoom out to observe this chart of $PFE, highlighting the stock sitting near a level that has acted as strong support for numerous times over the past decade: [Read more…]
[Options] Chew On This Trade!
Today’s trade is in a name that has caught the fancy of aggressive short-sellers. As of the latest update, approximately 25% of the outstanding shares in Chewy Inc $CHWY are held in short positions.
Now, I’m sure the short-sellers have done their homework and have very compelling reasons to be short. I will concede their points to them.
However, short-sellers are human too. And being human means they can also be wrong. And if they are wrong, the only way they can make the losses stop is to buy stock to cover their short positions. If 25% of the float has to cover their shorts, that sets up the possibility of a wildfire to the upside.
We’re here for that possibility.
Check out this chart:
[Options Premium] This Trade is Lab Tested
The bull market continues, and the broadening out of participation continues to widen. Today’s trade is in a Chemicals company that is beginning to show some relative strength and has two upside targets that could potentially be met, if conditions cooperate.
We’ll reduce our position as the closer target, and hold the rest for a run at the big prize!
[Options] Wishing Wells
It was remarked during our Analyst meeting this morning that “bullish Wells Fargo” is a phrase that hasn’t been uttered within our digital walls in a long, long time.
But we’re looking to get more exposure to the banking sector, and $WFC is consolidating nicely after a fresh breakout last week. With all-time highs within bull market distance, we feel like we can get aggressive with this name for a run.
Implied volatility in $WFC call options is pretty tame here, so that affords us the luxury of going out six months to play the June options which will give us plenty of time to see if $WFC has the stuff.
Here’s a chart of $WFC to set the stage: [Read more…]
[Options Premium] Southern Copper is Heading North
One of the things we like to do repeatedly at All Star Charts is position ourselves in leading stocks in leading sectors. Just writing that out may sound completely obvious to some, but too often I see traders trying to get cute to find the “undiscovered gems” that will be the next big winner.
Call me old-fashioned, but I prefer getting involved in stocks that are already doing what we want them to do, and I want to let inertia take over.
Today’s trade in Southern Copper is one in which both inertia and “magnets” may play a part in delivering gains to us. [Read more…]
[Options Premium] LuLu is Positioned to Flex Higher
Short-term traders will classify today’s trade as a “hard trade.”
We’re positioning in a stock that has already had a significant run over the past two months. But if we widen out our lens and look at weekly or monthly candles, we’ll see that this stock is making fresh all-time highs out of a monster base which can fuel a dramatic push higher.
Check out this chart of Lululemon $LULU:
[Options] Autodesk Approaching 52-Week Highs
My favorite setups are stocks making new all-time highs after emerging from a consolidation.
My second favorite setup is a 52-week breakout.
We’re on the cusp of getting one in Autodesk $ADSK.
Check out this chart:
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