Morning Market Briefing – Working For The Weekend

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Morning Market Briefing – Working For The Weekend

Morning Market Briefing

Morning Market Briefing – Working For The Weekend

September 2, 2021

Good Morning!

The Thursday before Labor Day is typically when we see volume begin to decline across the board as traders settle into vacation homes for a long weekend. This time, or course, is anything but typical, and with an important jobs number due tomorrow, we could still see some interesting price action across the board. Futures point to a green open, and we’ll see if the SPY puts in a 7th new all-time high in the last 9 sessions. Most trader’s watchlists are static heading into Tuesday, and we’ll have to be careful not to overreact to price action in any underlying as lower volume could cause spikes or drops that will be erased quickly next week.

SPY setting up for 7th new high in 9 days?

Potential gravestone doji in play for QQQs.

YouCanTrade Coach Shaun’s Play Of The Day

Todays trade is on ZM – Earnings have come out and market did not appreciate the forward guidance. i think its overblown and i am going to put on simple put credit spread to take advantage of that thought process . If the  stock  is around $290 tomorrow at the opening I will STO the 250 BTO the 240 put spread expiring Oct 15 and should get filled for approx. $1.10. Risk on this trade is $10.00 less premium received !

YouCanTrade Coach Shan’s Play Of The Day

The American Equity Investments Life ($AEL LTP $32.43) ended Wednesday higher by 2.34%. In the last earnings report the company announced a jump of 17% in their 2nd Qtr revenue YoY and increase in FUM by 1.5%. Also, the company recently announced Axel Andre as their new CFO. Technically, the stock crossed 20EMA and 50 EMA from the support level of 31.10 in a Bullish Engulfing Candle pattern. The RSI, Stochastics and MACD are pointing higher and there is no immediate resistance till a short term possible target of $33.68.

On the downside, if the stock falls below the 50EMA once again shortly, then it can go past below $31.00 to the next support level of $29.75 or so. The trading in this stock has been choppy for the last few month and there is no clear long term bullish pattern as such.

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
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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