Morning Market Briefing – Play It Again, Sam

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Morning Market Briefing – Play It Again, Sam

Morning Market Briefing

Morning Market Briefing – Play It Again, Sam

August 18, 2021

Good Morning!

“Buy the dip” has been a mantra in the markets for quite some time. And traditionally it applies to patterns playing out over days, weeks, or even months. This week, however, it applies to anything intraday. The SPY, QQQ, and many of the equities that make them up have spent the last two sessions dipping heavily in the morning, only to rally into the afternoon. On the surface this would seem bullish, and yet Tuesday’s rally was weaker than Monday’s. In addition, market internals like ADD, TICKS, and Volatility point to a chance of further decline. Stay Tuned!

$442 held yesterday in the SPY, first area to watch on a pullback.

QQQs need $370 or $364 to break the consolidation.

YouCanTrade Coach Shaun’s Play Of The Day

Today’s trade i am looking at is SOS , this is a crypto play for the future. I am looking to buy the stock and simply sell a covered call expiring Sept 17. I will only take this trade if stock is  around $2.50 tomorrow and will sell the $3 call. The risk is the cost of the stock less the premium received .  I am happy selling covered calls if i am not called away . The other thing I could do is to sell the $2.50 strike and buy the $1.50 strike for additional credit. Advantage is i am expecting the price to go up so keep all the premium and worst case i can get paid to take on the shares

YouCanTrade Coach Shan’s Play Of The Day

I am looking at $GILD (Gilead Sciences Inc LTP $72.70) for a good turnaround after the stock was hammered in July last year. In the recent weeks it traded within a range more or less, but in the last few days it has broken the earlier resistance of $70 and now it is marching towards previous highs last year. The company reported a growth of 20% in revenue in the 2nd quarter and on a solid footing to grow their income in the next few quarters. From the current levels I can see it possibly touching the levels of $78.00 in the next couple of weeks. On the other hand, if it fails to keep the momentum and falls below the 50EMA at $69.15 then it could go up to $62 in the short term.

Watch List

Symbol Why We’re Watching
PYPL Possible breakdown below $270.
INTC Potential breakdown below $52.75.
AAL Could flush below $19.
MA Possible breakdown below 200 SMA.
PTON Possible breakdown below $110 price level.

YouCanTrade Scanner Ideas

Symbol Idea Direction
EXPE Short
IBM Short
DIS Long
KSS Short

For more information on the YouCanTrade scanner, click here. 

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