Morning Market Briefing – Beneath the Waves

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Morning Market Briefing – Beneath the Waves

Morning Market Briefing

Morning Market Briefing – Beneath the Waves

August 13, 2021

Good Morning!

It’s Friday the 13th and we’re prepared for whatever the markets have in store! Yesterday the SPY put in a pretty definitive ‘up’ candle to new all-time highs, albeit on yet another low volume day. The QQQ, led by AAPL, also showed strength going into this spooky day. Some of the market peripherals, however, weren’t confirming the move up. The ADD and TICKS showed neutral or even negative numbers as markets were pushing to new highs. This sets us up for an interesting next couple of sessions. Further moves up would seem to need these internals to join in the exuberance, but then again, these markets post Covid have been anything but rational.

$442 first level in SPY to watch if there’s a pullback.

QQQs need $370 to break the consolidation.

YouCanTrade Coach Matt’s Play Of The Day

Normally, I look at technical indicators and try to remove as much emotion as possible. I also tend to stay in the money on my options and play something around a delta 55 or so. I’m moving away from both of those on this potential play. I’m eyeing the SPY 425 Put that expires on Sept 17 for at or under $3.00. This is a play that basically is counting on the delta variant take a chunk out of the market’s all-time highs. So far this week we’re hearing of companies’ delaying their workers return, movie dates once again being pushed back, and ICU numbers as bad or worse than they were this winter. In Chicago this week, there are many whispers of indoor events being pushed back or canceled altogether in the coming weeks. I just don’t think the market is pricing this in. As always, my max risk is what I pay for the option.

YouCanTrade Coach Shan’s Play Of The Day

Well another interesting day in the markets , financials and oil stocks getting some bids while tech is not.

Todays trade is on GOLD  ( Barrick Gold  )

I am looking to  sell a bullish put credit spread if the stock is around the $20. level . Gold and silver has retraced significantly from the highs in early June and the weekly time frame suggests that most of the damage might have been reached here. i am looking at taking in credit with the purpose of taking on the stock if it actually continues to fall to my strikes. I will be looking to Sell to Open the 19 strike and Buying to Open the 17 strike for protection . My risk on this trade is the $200 margin less the premium received which should be around a $25 credit.

YouCanTrade Coach Shaun’s Play Of The Day

$LE (Lands’ End Inc. LTP $39.67) is on a crossover region with 20EMA and 50 EMA. The stock is up more than 263% during the last 12 months, but it seems there might be some steam left in the stock with more or less flat performance in the last month. A breakout could be possible for the current price with Thursday ending on a higher high and higher low with price being above 5EMA, 20EMA and 50 EMA. The RSI is pointing higher and Stochastic rising from the current oversold region. However, if the price fails to hold above the current 50 EMA, then it could even go down to $30 Level.

Watch List

Symbol Why We’re Watching
INTC Could breakdown below $53.
TWTR Coming into key support area at $64.
EBAY Could retest $60 on break of $65.
AMD $108 is 50% fib level on recent move.
AMAT Possible RSI (2) play.

YouCanTrade Scanner Ideas

Symbol Idea Direction
VZ Short
IBM Short
MGM Long
LOW Short

For more information on the YouCanTrade scanner, click here. 

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