Morning Market Briefing – Dog Days

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Morning Market Briefing – Dog Days

Morning Market Briefing

Morning Market Briefing – Dog Days

July 26, 2021

Good Morning! Monday begins a pivotal week in the markets as we get ready to move into August. Tues-Fri last week the bulls firmly seized momentum and will look to defend their positions against the “inflation and COVID” crowd. The 50 day SMA in the SPY has served as a launching pad to new highs this year and seems to be headed that way again. Travel and bank stocks will remain firmly in the “value” category as smart money looks for underbought stocks headed into the dog days of summer. Friday’s action left a lot of our plays intact.

SPY on deck to break highs.

365.49 highs on deck in the QQQs.

YouCanTrade Coach Shan’s Play Of The Day

I’m looking towards a nice upside recovery for $ KHC (Kraft Heinz Company LTP 39.22) . The stock has been beaten for apparently no good reason in spite of reporting better than expected earnings and revenue in the previous quarter. The next earnings reporting is on Aug 4 and before that I am looking to see if there will be a potential upside turnaround. There is no immediate resistance level and it is possible it may go up to previous high of 45 in the next couple of weeks. It’s a company with strong fundamentals.

YouCanTrade Coach Matt’s Play Of The Day

ROKU has been showing good upward action since the recent pullback and has come into an area of resistance on a downward sloping line drawn from the highs on 6/30 to the high of the price action on 7/12. I’d need to give it some room to go above the line to reduce the chance of a failed break, so the line in the sand for me is $425. On a move above $425 I would consider a $425/$430 call debit spread in the August monthlies. I’d look to take profit on a break of $440 and stop out if we retrace under the resistance line. As always, my max loss would be what I pay for the spread.

Watch List

Symbol Why We’re Watching
NFLX Earnings disappointment, possible fundamental play to the upside.
UBER Watch for push into and run to top of the previously established $48-$52 range.
MA Could pop to highs on hold of 8 EMA.
DISH Watch for break and hold of 50 SMA and $42.50 resistance
INTC Long term watch, caught in $54-$58 range.

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