Morning Market Briefing – Inside Day

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Morning Market Briefing – Inside Day

Morning Market Briefing

Morning Market Briefing – Inside Day

September 1, 2021

Good Morning!

Major indexes took a breath yesterday to reload for the next move. Morning futures point to a flat-to-green open, and we’ll look for a potential first hour break of all time highs in the SPY. Our 60 min opening range then takes over. Travel and destination stocks are moving up in the premarket, and those are names traders have been watching for some time. Tech, and more specifically big tech names like AAPL, AMZN, etc, will need to continue their runs to buoy the QQQs as we move into the second half of the week. Important to note we would traditionally look for volume to decline heading into Labor Day weekend as the ‘big money’ heads out to wherever they head out to for the long weekend.

SPY needs to hold $450 for next leg up.

QQQs being ridden to new highs by biggest names.

YouCanTrade Coach Shaun’s Play Of The Day

Tech today decided to take a small breather. Todays trade is one of my favorite stocks to trade lately .CLOV  ( Clover Health) If the stock stays in this $8.50 strike zone I am going to do the following trade . I will STO the 8.5 put and BTO 6 put spread and will be STO the 8.5 and BTO 9 call spread expires Oct 1. I should get approximately $1.00 credit. I have no risk to the upside and will take possession of the stock if it closes below $8.5 . My max loss potential is $250 less my premium received and can make the full premium amount if the stock stalls at $8.50 on expiry or approx.  $50 if the stock closes above $9.00 .

YouCanTrade Coach Shan’s Play Of The Day

The Cintus Group $CTAS (Current price $393.88), stock price has been restricted within the range between $382.91 and $396.38 for over a month now. The stock is not able to break the resistance for the past many days. However, with the earnings announcement upcoming in the next 3 weeks (9/22) and the Stochastics and MACD recovering from the oversold region, it seems that a break out would be imminent in the next few trading days. The stock has returned 59% in the last 12 months and there could be more potential going forward. If it is finally able to cross the resistance at the previous high then it could march forward beyond $400 and above.

 

However, if the investors are not so optimistic in the next few days then it could actually fall to the support level at 50EMA at $384 or so. Hence, it would be a stock to watch in the next couple of trading sessions.

Watch List

Symbol Why We’re Watching
TWTR Possible quick run to $67+ on break of $65.
BBBY Former high flyer needs break of $30 to pop.
DIS Base & bounce at $180 could see new highs.
VRM Snapback Play
TSLA Needs to confirm above $730 for run to $750.

YouCanTrade Scanner Ideas

Symbol Idea Direction
C Short
CRM Long
DD Short
EXPE Short
FB Long

For more information on the YouCanTrade scanner, click here. 

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September 7, 2021

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2021-09-01T08:04:30-04:00
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