Morning Market Briefing – Home on the Range

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Morning Market Briefing – Home on the Range

Morning Market Briefing

Morning Market Briefing – Home on the Range

August 5, 2021

Good Morning!

The SPY continued within its range yesterday as markets continue to make up their mind if they want to pull back or push once again to new all time highs. The $ADD and $TICKS show a possible move down, but the various index ETFs and measures of volatility aren’t giving us a clue one way or the other. The good news is most of our trade ideas for the week remain in play whenever the markets decide to pick a direction. It’s important to remember as a trader not only are we attempting to make money on good trades, but saving money by not making bad ones. We trade when we see an opportunity that meets our setups and trade plan, we don’t trade just because the markets are open.

SPY in the middle of its $438-$442 range.

QQQ have key support level at $365.

YouCanTrade Coach Shaun’s Play Of The Day

Todays trade I am looking at is a trade on BB  ( Blackberry )  This darling stock from years past has for the most part been in the doldrums except when some traders decide to take it briefly for a spin. Earnings are not to Sept 23 and the stock is at $9.90 as i am  writing this trade idea, If Blackbery opens up around this price and is still below $10.25 then I will be taking this trade. This trade will be a  two pronged approach , I will be buying the stock and then immediately selling a 10-8 put spread expiring Sept 17 and selling  a 10 call expiring Sept 17 and should get around $1.85 in credit . My breakeven on the spreads is $8.15 and max loss is $15.00
The max potential loss is if the stock goes bankrupt and the spread is $15 loss potential.
If the stock closes at $10.00 or higher I will be assigned the stock and keep the entire premium . This would result in a 18.5 % return.

YouCanTrade Coach Shan’s Play Of The Day

On Wednesday $TROW (T. Rowe Price Group Inc.) reached high of $211.10 near all-time high for the stock. It’s been bullish for quite a while now and since the last reported earnings on July 29, the company appears to be on a strong growth trajectory. The company reported 36.3% revenue growth for the 2nd Quarter on YoY basis along with strong EPS. The stock is currently trading above 20EMA and 50EMA. Once it breaches the previous high of  $212.41 it has no immediate resistance. With the financial sector in general, investment advisory and retail investments at sky high, $TROW would be benefitted in the future as well. I’ve added it in my Watchlist for the next couple of years.

On the downside, with stochastics in the overbought area volume receding, the stock might visit the immediate support level of $196 in the short term.

Watch List

Symbol Why We’re Watching
STX Room to run if it holds the 50 SMA
FUBO $26-$28 range.
LYFT $57.50 could be potential long trigger.
NVDA Does it take another run at all time highs?
AAL Airlines breaking down again, watch for move below 200 SMA.

YouCanTrade Scanner Ideas

Symbol Idea Direction
SQ Long
INTC Short
GOOG Long
CSCO Long
MGM Short

For more information on the YouCanTrade scanner, click here. 

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2021-08-05T08:40:24-04:00
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