Morning Market Briefing – Crypto Time

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Morning Market Briefing – Crypto Time

Morning Market Briefing

Morning Market Briefing – Crypto Time

August 2, 2021

Good Morning! As we launch into a new month, YCT is proud to welcome Crypto Coach Gouthum Karadi into our trading family. He’s been trading Crypto since 2013, long before it was in the news everyday. Whether you’re an experienced Crypto trader looking for new ideas or just someone who wants to see what all the fuss is about, join Coach Karadi starting today as part of the YCT All-Access pass. The AAP will also give you access to all of our coaches and text alerts as well. See your member’s dashboard for more details!

Interesting day in the markets today as we see if the SPY can break out of its $438-$442 (ish) range from last week. Conversely, the QQQ needs to get back above $366 to move back into the range it spent the previous 5 sessions in. As always, we’ll watch the 60 minute opening range break for ideas on where we’re headed.

SPY is Rangebound & Down (or up).

QQQ have key level at $366.

YouCanTrade Coach Shan’s Play Of The Day

D.R. Horton Inc ($DHI) constructs and sells homes through its operating divisions in states and metropolitan markets of the United States, under the names of D.R. Horton, America’s Builder, Emerald Homes, Breland Homes,  Express Homes and Regent Homes. The company recently announced 35% jump in revenue Year on Year while their net income per share in the quarter increased 78% than a year ago. On the upside the stock is nicely placed with rising RSI and Stochastic, trending higher than both 20 EMA and 50 EMA while there is no immediate resistance till previous high of 106.89. On the downside, if the stock slides below 50 EMA at 90.55 then it could go down to test the next support at 85 which looks pretty solid currently.

YouCanTrade Coach Matt’s Play Of The Day

UAA has been in a bit of a funk lately tucked just underneath its 50 day SMA. Since its in a short term downtrend and has rejected the $20.50 area each of the last six sessions, i’ll be looking to buy a put, likely at the 21 stirke price with an August 20 expiration. The trade trigger will be a break of the $20 price level, while keeping an eye on the 200 SMA. A close above $20.50 would stop me out, and my first profit target would be around $19. As always when buying an option, my max risk is what I pay.

YouCanTrade Coach Shaun’s Play Of The Day

So the market took a bit of a breather today not at all happy with guidance and results from Amazon.
My next play of the day I am looking at is CLOV   This company has been knocked down again but there is a lot of short interest which has garnered the attention of many that love to make the shorts feel some pain. I am looking to buy the stock on Monday and then turn around and sell a delta 30 call.
So we will look to sell the $10 strike for around .35 cents or so. This is a very simple strategy that allows for some downside protection and yet allows a very nice profit if the stock breaches the $10 strike at expiry Aug 20. As with all covered calls, especially in a volatile stock like CLOV, we have the risk of the stock declining and losing on a per-share basis.

Watch List

Symbol Why We’re Watching
FB Watch for break of $358 support.
FUBO $28 break could trigger quick upside move.
DISH Could dip back below 50 SMA.
NFLX Could see a quick move to $530 on retake of 8 EMA.
TSLA Ever elusive $700 on deck in coming days.

YouCanTrade Scanner Ideas

Symbol Idea Direction
FB Long
BAC Short
BABA Short
PTON Long
MGM Short

For more information on the YouCanTrade scanner, click here. 

Upcoming Event

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Aug 3, 2021

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2021-08-02T08:26:18-04:00
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