Hello Traders & Investors,
Scroll down to see the stocks we have on watch this week
Happy Halloween Week!
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We are back into the thick of it in terms of earnings. With a lot of notable names set to report this week, we will have a close eye on how reports are affecting the market. We’ll also hear from Fed Chairman Powell with a press conference scheduled for Wednesday.
Recent Winners Tracking
GOOG…303% from 10/24
PLTR…61% from 10/18
RIVN…83% from 10/16
AAPL…238% from 10/12
AFRM…80% from 10/12
PEP…115% from 10/10
RTX…143% from 10/9
X…34% from 10/5
PYPL…154% from 10/4
*Max gain potential on options alerted so far/before expiration
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Weekly Learning Focus
If you trade options, you must understand IV (Implied Volatility) ‼️
Here’s how IV affects options: Essentially IV represents the expected volatility of a stock over the duration of the option. As these expectations change, options premiums will change too.
IV is directly impacted by the supply and demand of the underlying option and the markets expectation of the shares price action / direction.
– When expectations rise ⬆️ IV will rise.
– When expectations decrease ⬇️ IV will drop.
Most charting platforms will provide charting to view IV as illustrated in the image. It’s important to check out the IV and understand where it lies before jumping into any options trade❗️
We hope this post helped you understand the basics of IV 🙏 in options trading, and that you can avoid buying overpriced options and selling undervalued options contracts! 💰
Use a time frame that makes sense for your plan of trading. Know what you’re getting yourself into. Shorter time frames may require quicker moves. ⚡
Act like a robot 🤖 without emotion and follow these steps. 💯
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S&P 500 ETF (Ticker: SPY) – Daily Chart
Opened last week at: $419.61
Hit a weekly high of: $424.82 on Tues 10/24
Hit a weekly low of: $409.21 on Fri 10/27
Closed the week at: $410.68
Similar to last week the SPY started a bit sideways before the bears took over taking it down to the $410 level to end the week. If it can hold up over $410 support we could see a bounce back up to test the $420 level. Look for a move over $414 to hold for bullish confirmation.
However, If $410 gets heavy and bears maintain control we could see a further slide before finding more support around the $404-403 level, perhaps even the $400 psych level.
Charts Provided By: Finviz
Weekly Stocks to Watch
Here’s some of the stocks we have on watch for the beginning of the week…
As always, we’ll be heavily focused on our news feeds & scanners for prime opportunities throughout the week.
Coinbase Global Inc. (Ticker: COIN) – Daily Chart
Had a strong day earlier this week as BTC showed strength, however, the bullishness was quickly rejected at $90 range resistance and closed the week very weakly right above $70. We have seen support here at the $70 range. Look for upside if BTC shows more strength targets would be $72.5 – 75 – 78. If there’s no continuation for BTC and the selling continues under $70, we could see a move to 65-62, possibly lower depending on the earnings report coming up.
Moderna (Ticker: MRNA) – Monthly Chart
Downside has been swift here the past weeks. Now it’s back at a 2020-2021 demand. There may be opportunity to catch a bounce to the upside. Look for support at $70-68 range. We have also seen bullish flow for $145 calls for July 2024 in the Trading Room. If bulls can’t defend demand, watch for a move under that zone to the lower $60s, there could be more pain for longs. Keep eyes on the upcoming earnings report.
iShares Russell 2000 ETF (Ticker: IWM) – Monthly Chart
Eyes on the Russell 2000 index. This is at a huge demand level in the $165-159 range. There should be support here. However, if that does not hold, you can expect to see downside moves to $150-145. This would be a very bearish look for the markets and the names that make up the index. There could be strong risk:reward for a bullish play to the upside towards $180 if the above levels hold.
Chevron Corp. (Ticker: CVX) – Weekly Chart
Major dumpage to close the week after reporting earnings. We saw this name all over the Trading Room scanners as it was moving lower on Friday. Look for a move to $140 zone before expecting a bounce back to test $150+ for the oil/energy goliath. If $140 doesn’t bounce and eventually becomes resistance, there may be more downside ahead and a move to the $130 range is possible. Keep eyes on oil names. OXY, USO, XOM, VLO etc.
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