Morning Market Briefing – Hunt for Value

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Morning Market Briefing – Hunt for Value

Morning Market Briefing

Morning Market Briefing – Hunt for Value

August 9, 2021

Good Morning!

The SPY and QQQ are both at or above their two week ranges as we head into Monday’s trading. So as they always do when markets are at or near highs, traders are watching for value. Two areas for this value began to show signs of life last week. Travel stocks like EXPE, TRIP, whcih include airlines like AAL, UAL, LUV, DAL, etc. And banks, such as C, BAC, JPM and more. If we see higher highs being set in these names, we can begin to evaluate if we’ll trade trade, and how. We need first hour confirmation across the board this morning on moving toward new highs first.

SPY needs to maintain $442 for next leg up.

All-time highs sit just under $370.

YouCanTrade Coach Shaun’s Play Of The Day

Mixed results today with financials strong but tech weak . Word out about interest rates sent gold reeling and as a result I am going to look at being a contrarian and looking for a way to pick up stock potentially cheaper or simply making money on our credit spread
Today’s symbol is CDE  ( Coeur Mining Inc) .
With the stock trading around $7.00  , I  will sell a $7 put expiring Sept 17 and buying the $5 put as protection. This trade is slightly higher risk as the stock is trading at the short strike but as a result I am getting much richer premium as well. As always my max risk is the $2.00 spread difference less premium received which based on todays pricing would be around .45 cents credit. I will take possession of the stock or simply roll the trade if the charts are still triggering bullish thoughts for me. If I take possession of the stock I will then look to sell covered calls going forward.

YouCanTrade Coach Shan’s Play Of The Day

$MNST (Monster Beverage Corp) reported juicy financial results for the 2nd Qtr on Thursday post market session. Revenue rose 33.6% YoY and Earnings grew 27.1%. The stock was up more than 5.5% almost touching the all time high. With excellent earnings figures the company might burst into new territory beating the previous highs with no resistance thereafter. RSI, Stochastics, volume and MACD are all pointing higher in the medium term and previously announced $441 million share repurchase program could provide additional strength and boost to the stock.

Watch List

Symbol Why We’re Watching
STX Possible breakout above $91 price level.
IBM Needs break of $145 to the upside.
EBAY Could retest $60 on break of $65.
NVDA Does it take another run at all time highs?
MCD Possible RSI(2) play.

YouCanTrade Scanner Ideas

Symbol Idea Direction
DIS Short
BABA Short
MGM Short

For more information on the YouCanTrade scanner, click here. 

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