Stocks climbed out of the hole that had been dug overnight and rallied to print a record high on the $SPY. They then proceeded to sell off in rapid fashion, with the sell-off gaining momentum near the close. The $183 level on the $SPY held, so could this be the start of another wicked sell off? Has the $SPY double topped and are we looking at lower prices from here on out?
I don't think so.
https://www.optionmillionaires.com/stocks-topped/
If anything is ready to fall, in my opinion, it's bonds and my $TLT puts are starting to look better as the week progresses.
$GRMN - What a nice way to start the trading day. Someone asked today in the chat room: "When did I mentioned $GRMN?" I talked about the stock just this last Monday night in the live webinar and I sent out a private tweet about the $47 calls I bought. I also posted the trade in the chat room and I wrote a piece about the stock yesterday during the trading session. The private twitter feed is a great place to find trades I make, because I post trades in there and with an occasional link or opinion.
$FCX posted the $33.5 puts I entered into at $.15. A few hours before the close, they closed at $.44 for a +194.57%. We could see further weakness as precious metals take a breather.
$BTH is consolidating at the $10 level and it looks ripe for a move over $11 and then $12.5 over the next few weeks. I like the MAR $10 calls and bought a few at $1, and I'm looking to add a few more if the price dips further.
$MRVL, I got into the $15.50 calls today. It is a high-risk trade, and they have earnings tomorrow night. If $MRVL sees a nice premium build tomorrow I may sell all, take my profits and run. We'll see how it goes, and I'll let you know if I sell.
$TSLA is ripping higher after hours, hitting over $224. At present, it's settled around $216. It's a tough one to be buying OTM calls or puts into earnings, but tomorrow may offer an opportunity to make a quick profitable trade.
$BIG was upgraded yesterday and looks strong for a move back to $30. My February options are not looking good right here, however I think this is a case of being early to the party.
$FIVE took a dive today as well, proving that timing is everything with options. And while both of these stocks will snap higher, I was off with my timing.
We have earnings tomorrow from $PCLN, $MRVL and others. With today's volatile action in the market it should be a great day to swing some option trades.