X Marks The Spot – United States Steel

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U.S. Steel reported earnings before the open today.  Pre-market the stock was up, and after the open the stock fell over 4%.  I had calls from yesterday that I sold for a small loss.  I waited like a snake in the grass and jumped on X $28 and $30 weekly calls.  Both were sold later on for over 100% gains.  X managed to work its way from 4% down to an over 1% gain before fading later in the session.

Charts seem to be working for me again, that may end soon as they don't work very well in these centrally planned markets, but for now if they are working they are a great tool.

Based on the chart I see more gains ahead for X and will be buying up the May 19 $30 X calls tomorrow.  The current price is $.48.   X closed at $27.65.  X needs a 10% move for those options to turn a profit, and I think we will get that over the next few weeks.

 

 

X has a nice channel, with the current price sitting right at the bottom of it.  I could very easily see X at $32 before those May 19 calls expire.  Remember a little dab will do.  If we are looking at potential 200-300% gain, just a small purchase will offer ample returns.

Profile photo of uranium-pinto-beansKnown to most as Uranium Pinto Beans, Jason has more than 15 years under his belt of trading stocks, options and currencies. His expertise primarily lies in chart analysis, and he has a strong eye for undervalued stock. Because he’s got the ability to identify great risk/reward trades he usually enjoys taking the path less traveled and reaping the benefits from the adventure.

He is a co-founder of Option Millionaires, and he is best known for his weekly webinars with Scott, as well as his high level training webinars and charts found in the forums.

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