Morning Market Briefing – Start Your Engines

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Morning Market Briefing – Start Your Engines

Morning Market Briefing

Morning Market Briefing – Start Your Engines

September 7, 2021

Good Morning!

Traditionally, the post labor day markets are when the inertia from the summer gets tested. Big Money has returned from vacation and the kids are all back in school. While we don’t know how this holds up in a COVID world, many expect the next couple of weeks to see in an increase in volatility as compared to the last month or so. Keep in mind, the SPY has now gone several months without a 5% pullback, or correction. Should this happen, it doesn’t mean the bull run is over, or that the bears have taken over the market, it would simply mean some profit taking is going on into the end of the quarter. Watchlists should be cleared and reset today, as we move into whatever fall has in store for us. Watch for volume and rotation into or out of sectors this week as traders position themselves for the rest of the calendar year.

SPY needs to retake $454 for next leg up.

QQQs need $385 to negate possible gravestone doji from last week.

YouCanTrade Coach Shaun’s Play Of The Day

Todays Bullish trade i am looking at is on PLUG . If the stock is around $26.00 I will be STO the 22.5 put and will BTO the 17.50 put. I should pocket around .50 cent credit which will give me a 10% return on my margin . My risk is approx. 450.00  The Stochastics and MACD are all giving us the positive momentum that I am looking for.

YouCanTrade Coach Shan’s Play Of The Day

Equinix, Inc. ($EQIX LTP $882.83) is the world’s largest IBX data center & colocation provider, offering the fastest application performance, lowest latency routes worldwide and a digital ecosystem for financial, content or rich-media, enterprise, and cloud networks. Recently the company acquired two new data centers in India as well. In the 2nd Quarter their revenue grew 12.8% YoY. On the charts, technically the stock overcame the long time resistance of $840, after being pushed down that level for the last 3 months. Since, Wednesday, the stock has achieved new heights and there could be more within reach. The recent surge in demand for data and storage is not going to en dayone and with some publicity and management, it could be in the big leagues.

On the other hand, fundamentally the stock is highly overvalued and the investors could look into some profit booking when the market opens after the long weekend. The next support levels are at $859 and $843.76 in the short term.

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.

YouCanTrade Scanner Ideas

Symbol Idea Direction
BA Short
HD Long
JWN Short

For more information on the YouCanTrade scanner, click here. 

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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