ACTION:

Buy to open the WFC July 60 calls (WFC150717C00060000, $0.20, up $0.06) at current levels.

Dear Momentum Options Subscriber,

I have a New Trade on a financial stock that has triggered fresh 52-week highs today. We traded the name for three weeks in May and made a slight profit. This time I’m looking for some follow-through for bigger gains.

 

Wells Fargo (WFC, $56.74, up $0.60)

Buy to open the WFC July 60 calls (WFC150717C00060000, $0.20, up $0.06) at current levels.

I like these options at current levels to play a possible run past $60. The calls have traded to a high of $0.26 on the stock’s run to $57.21 today. This is a “cheap” way to play a continued breakout. I think we can easily get $0.50-$1.00 by the end of the month on continued strength.

These are the regular monthly options that expire on July 17, and I will provide the parameters of the trade in Monday’s Pre-Market Update.

 

All prices given in this update are current as 1:15 p.m. EST.

I hereby disclose that I will be participating in the aforementioned trade(s). Every new Momentum Options recommendation is listed with the price at which I entered my own position. If the price is slightly different than my recommended entry or exit price when you receive the alert, don’t let that keep you from getting into or out of a trade. Occasionally, you might even get a better “fill” price than what is posted in the Open Trades and Closed Trades.

Trade on!

Rick Rouse
Editor and Chief Options Strategist
Momentum Options