Morning Market Briefing – Jobs, Jobs, Jobs

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Morning Market Briefing – Jobs, Jobs, Jobs

Morning Market Briefing

Morning Market Briefing – Jobs, Jobs, Jobs

September 3, 2021

Good Morning!

The jobs report has given us much to look at this morning, while the actual jobs number came in a half million under projections would have popped the markets (slower healing economy making it less likely there’s a rate increase this year), it appears the early reaction is negative, on a greater than expected increase in average hourly earnings, which leads to inflationary concerns. Ultimately swing traders will just have to play the opening range game again this morning (or just start the long weekend early). A reminder YouCanTrade and all our trading rooms are closed this Monday, September 6.

On behalf of our entire team here at YCT, have a safe and wonderful Labor Day Weekend, and we’ll see you on Tuesday!

$450 first SPY support level.

Potential rounded top in play for QQQs.

YouCanTrade Coach Shaun’s Play Of The Day

Todays trade is on AI , earnings came in and the market was not impressed . Revenue beat expectations but missed badly on earnings. Last year was break even on profits while this year dropped to losing .37 cents a share. But forward guidance says it expects revenue to grow to $56-58 million. After this shock to the downside, I am going to STO 45 put and BTO 40 put and then I am going to BTO 45 call and STO 55 call spread , My cost to buy this position will be approx. $2.10 debit . I have potential to make $790 roughly but I can lose as much as $71.00 as i paid a debit on this trade and the stock can still crater.

YouCanTrade Coach Shan’s Play Of The Day

Milwaukee based A.O. Smith Corporation ($AOS LTP $73.71) is one of the world’s leading manufacturers and marketers of residential and commercial water heating equipment with production facilities in the US, Mexico, China, Canada and Europe.  In their 2nd Quarter reports the company announced 30% growth YoY for the quarter based on solid demands and production delivery. The stock broke a key resistance level on Thursday and closed the day at all time high of $73.71. Currently, it has good momentum to possibly achieve new heights  over the next few sessions when the stock surged from the recent 50EMA and breaking 20EMA today creating a pattern of bullish hammer candle pattern on the charts.

On the downside, the stock is already in an overbought region in stochastic with low volumes. Unless there is strong demand in the next few days, it could possibly fall quickly with a small correction in the SPX to the next support level of $71.39.

Watch List

Symbol Why We’re Watching
MNST Could make new highs on break of $98
BBBY Former high flyer needs break of $30 to pop.
DIS Base & bounce at $180 could see new highs.
OSH Snapback Play over $48.
AAL Needs break of $20.50 for break of recent lower lows.

Upcoming Event

The Biggest Mistake I Made in My First Year of Trading (And How I Corrected It)

September 7, 2021

Almost every new trader has to pay their tuition. Sometimes in money, sometimes in time, but usually plenty of both. Join Options Coach Matt Hensley as he goes over his biggest screw up as a rookie trader and how he overcame it. This will be a fun, light conversation about the attitude we bring into our trading career and how it often works against us. All interested parties who attend will receive Matt’s Mental Trading Checklist.
Matt Hensley
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