Morning Market Briefing – Two Faced

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Morning Market Briefing – Two Faced

Morning Market Briefing

Morning Market Briefing – Two Faced

August 17, 2021

Good Morning!

Monday’s session was set to be one of the bigger pullbacks of the year, until it wasn’t. The SPY and QQQ were set for 2-3% intraday corrections, until they weren’t. Shorts were dancing in the streets, until the music changed. Sometime before lunch, someone in New York realized they forgot to turn the markets on, and flipped the switch. Within a couple of hours, the ‘V’ was formed, which in the SPY quickly became lopsided to the upside, with yet another new high. While the price action was indisputable, the internals were less than glowing. VIX, ADD, and TICKS all seemed to lag behind the action, giving us the tiniest hope that the correction we’ve been pining for, and thought we might be on the verge of, is still in the cards.

$442 first level in SPY to watch if there’s a pullback.

QQQs need $370 to break the consolidation.

YouCanTrade Coach Shaun’s Play Of The Day

 Todays bullish trade is on a small cap stock INO ( Inovio Pharmaceuticals).  This stock has been in a consolidation pattern for almost 2 months now . I am going to buy 100 shares if stock is under $8.50 tomorrow morning and then I am going to sell a $9 call expiring Sept 17 which at the stock price of $8.42 will give me approx. .60 cents in premium. My max risk is the cost of the stock less the premium received and max profit will be over $1.00 per 100 shares which is over 10% potential return . If the stock remains below $9.00 at expiry we can turn around and sell another covered call.

Watch List

Symbol Why We’re Watching
WBA Watch for confirmed move back above 50 SMA.
INTC Potential breakdown below $52.75.
AAPL At top of range, could breakout above $150.
MA Possible breakdown below 200 SMA.
PTON Possible breakdown below $110 price level.

YouCanTrade Scanner Ideas

Symbol Idea Direction
EA Short
IBM Short
DIS Long
KSS Short

For more information on the YouCanTrade scanner, click here. 

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