Morning Market Briefing – Bumpin’ Heads on the Ceiling

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Morning Market Briefing – Bumpin’ Heads on the Ceiling

Morning Market Briefing

Morning Market Briefing – Bumpin’ Heads on the Ceiling

September 28, 2021

Good Morning!

Monday greeted traders with one of the more “boring” sessions of the last couple of weeks. Tight intraday ranges, mixed internals, and few runners. As any experienced trader will tell you however, the markets are boring until they’re not, and morning futures point toward a gap down day and yet another test of the 50 day SMA on the SPY and the QQQ, setting us up for the most action we’ve had at these MA levels in almost a year. Last night’s failure to extend the debt ceiling may be weighing on markets as we move toward Friday’s jobs report. As always, we’ll check our opening ranges for confirmation of the move.

$440 first level to watch in SPY.

$360 first area of support if we turn downward.

YouCanTrade Coach Shaun’s Play Of The Day

TLRY is my play of the day.   We are getting signs for the Cannabis sector and as a result I am going to BTO 100 shares at open and STO a $15 call expiring Nov 19 for around .65 cents depending on opening tomorrow . This is a delta 30 call and  would give me approx. 5 percent protection to the downside while allowing us some nice upwards movement. With a covered call, the max risk of the shares is what I paid for them, and the option’s risk is that the shares get called away at $15 if price spikes above that level.

YouCanTrade Coach Shan’s Play Of The Day

Barrett Business Services Inc. ($BBSI LTP $79.50) is a Vancouver based company and provides light industrial, clerical and technical employees to a wide range of businesses through staff leasing, contract staffing, site management and temporary staffing arrangements. The stock has returned more than 62% in the last one year. Since last few days, it has been growing with higher momentum and on Monday it touched new highs after opening. Even though by the end of the day, the price pulled back a little, still it would be interesting to watch it for the next few days, where it is possible that it touches the previous all-time high levels.

On the downside, if Monday’s high has hit a resistance level, then it would probably pull back sharply to return to the 50EMA levels at $76.06 in the near term.

YouCanTrade Scanner Ideas

Symbol Idea Direction
SBUX Short
DISH Long
CLX Short
EBAY Long
KSS Short

For more information on the YouCanTrade scanner, click here. 

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