Thursday, May 09, 2019

Traders Talk: Today's Trades are NOW and MU

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Trader Talk
Presents the following Trade Insights from

To: Member
From: Investment House
Re: Trader Talk

Today's Trades

Upside Play:
NOW (ServiceNow--$265.98; +1.17; optionable): Software
EARNINGS: 07/24/2019
STATUS: NOW gapped higher from a 3 month flat consolidation after a gap higher in late January. The gap was on earnings and NOW rallied to 4/30. It has since tested that move, coming back to the gap point and the 10 day EMA, working laterally, forming a nice pennant. It is tightening toward the point, and typically that is what yields the next break higher. NOW with other software stocks continues to look great, and if it makes the break, particularly in a more positive environment (i.e. not one afraid of trade), then we move in. A rally to the 127% Fibonacci extension gains 50%ish on the call options.
Volume: 1.145M Avg Volume: 1.759M
BUY POINT: $268.44 Volume=2.5M Target=$284.97 Stop=$263.02
POSITION: NOW AUG 16 2019 270.00C - (51 delta)

Downside Play:
Play Date: 05/08/2019
MU (Micron Technology--$39.75; -0.50; optionable): Memory chips EARNINGS: 06/19/2019
STATUS: A key member of the chips group, MU set up a triangle of sorts from mid-March to early May, using the 50 day MA in May as support. Moved off the 50 day MA late April heading for a breakout attempt, but then it gapped Tuesday in the trade worries, falling hard below the 50 day MA. Showed a hammer doji Wednesday, but as with the indices, likely a continuation doji, i.e. MU likely continues lower. We want to play that move to some price support near 36. That move gains 50+% on the put options.
Volume: 25.818M Avg Volume: 26.899M
BUY POINT: $39.56 Volume=25M Target=$36.59 Stop=$40.56
POSITION: MU JUN 21 2019 40.00 P - (-48 delta)

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