Morning Market Briefing – Top Of The Range

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Morning Market Briefing – Top Of The Range

Morning Market Briefing

Morning Market Briefing – Top of The Range

August 6, 2021

Good Morning!

The SPY is poking its head up toward the top of our 10 day range and the QQQ just went ahead and made a new all time high. Yesterday’s price action in the indexes was very bland until the last 30-45 min, and our volume was low, so we do have to take that into account. Today’s session will hopefully give us clarity on if we’re moving back to new highs across the board. The airline stocks (AAL, UAL, LUV, DAL, ALK, etc) has one of their strongest days in months will seemingly little to no news behind it. We’ll wait to see if there is follow through on those, as one strong day does not a trend break.

SPY at the top of its $438-$442 range.

QQQ back to new all time highs. We’ll use $442 as support.

YouCanTrade Coach Shaun’s Play Of The Day

Well all is good in the world today as the markets decided small caps were of interest again !
Today’s trade is a very basic trade that might be a very steady revenue provider each month . I am  going to look at buying a LEAP option on TLRY  ( TILRAY) and then  sell an option expiring in September . This trade will be applicable if the stock is around $14.50 per share.I will be buying a 7 call expiring Jan 20,2023 for around $9.00 based on price as I write this .Then I will be selling a 18 call expiring Sept 17 for around .85 cents .Risk on the trade is the cost of my call less the premium i receive on the sale of the insurance call . Max profit is not capped  as you can roll the insurance out indefinitely rather than being assigned.

YouCanTrade Coach Shan’s Play Of The Day

Cathie Wood has generated huge profits from her investments in industry-disruptive stocks over the past year and more. Recently she bought huge chunk of shares in Robinhood ($HOOD) as well when it plunged after the initial IPO. Her flagship fund $ARKK (ARK Innovation ETF LTP 125.57) is on a nice uptrend since last couple of days. The symbol price has a strong support on the 20EMA and 50EMA around $121.50. It is now looking for an uptrend with rising RSI, stochastics and MACD. Many stocks within the IPO has reported good earnings and future growth in 2021-22. The ETF had a bullish bar on Thursday with a higher high and higher low and could possibly move towards previous peaks of  $150.

On the downside, if the symbol pulls back below the 50EMA then it could go up to further support levels of 114 or below.

Watch List

Symbol Why We’re Watching
UPS Possible test of the 220 SMA on break of $190.
TWLO Could reenter and test top of $380-$400 range.
EBAY Upside break of $68 could see quick move to $70.
NVDA Does it take another run at all time highs?
MSFT With QQQ behind it, could take a run at all-time highs.

YouCanTrade Scanner Ideas

Symbol Idea Direction
INTC Short
MGM Short

For more information on the YouCanTrade scanner, click here. 

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