MomentumOptions.com Mid-Market Update for 3/3/2017

Flat Action Looks Bullish

3:15pm (EST)

The market started today’s session with a slight bid to the high side with the bulls trying to recover from Thursday’s pullback. After trading briefly in positive territory, the lack of momentum was apparent and kept Wall Street on the sidelines ahead of Janet Yellen’s speech that just wrapped up.

Talk of a March interest rate hike grew stronger as she signaled the Fed would likely raise rates along with additional moves throughout the year. Despite yesterday’s pullback and today’s choppy action, the market is on track for a significant weekly gain.

The Dow is up 5 points to 21,008 while the S&P 500 is off a half-point to 2,381. The Nasdaq is higher by 2 points to 5,863 and the Russell 2000 is down 5 points to 1,390.

I’ve spent much of today looking for New Trades and our current trades are holding up well. While I see the opportunity to add a few more positions, I want to keep the portfolio somewhat light heading into next week. In the meantime, have a great and safe weekend and I will be back Monday morning with a full update.
Momentum Options Play List

Closed Momentum Options Trades for 2017: 16-2 (89%). All trades are dated and time stamped for verification. New subscribers can look at the past history to see how the trades have played out or to research our Track Records.

Do not risk more than 5% of your trading account on any one trade but do try to take all of the trades. Please remember, all “Exit Targets” and “Stop Targets” are targets. You should not have any “Hard Stops” entered to close any trades or “Exit Orders” in your brokerage account unless I list one. I will send out a “Profit Alert” or “New Trade” if I want you to close a position or if a new trade comes out. Otherwise, follow instructions at all times in the 8am and 12pm–2pm (EST) updates. Also, I will usually give you a heads-up if I think I’m going to send a Trade Alert outside of these time frames.

 

Amicus Therapeutics (FOLD, $7.64, up $0.22)

FOLD April 8 calls (FOLD170421C00008000, $0.60, up $0.05)

Entry Price: $0.60 (3/2/2017)
Exit Target: $1.20
Return: -8%
Stop Target: None

Action: Resistance is at $7.75-$8. Support is at $7.50-$7.25.

 

Tower Semiconductor (TSEM, $23.09, down $0.17)

TSEM April 24 calls (TSEM170421C00024000, $0.60, flat)

Entry Price: $0.65 (3/1/2017)
Exit Target: $1.30
Return: -8%
Stop Target: None

Action: Support is at $23.25-$23. Resistance at $23.50-$23.75.

 

Vuzix (VUZI, $7.30, up $0.40)

VUZI April 7.50 calls (VUZI170421C00007500, $0.60, up $0.10)

Entry Price: $0.50 (2/27/2017)
Exit Target: $1.00
Return: 20%
Stop Target: None

Action: Fresh resistance is at $7.50. Rising support is at $7-$6.75.

 

3D Systems (DDD, $14.48, down $0.14)

March 18 calls (DDD170317C00018000, $0.05, flat)

Entry Price: $0.45 (2/22/2017)
Exit Target: $1.00
Return: -89%
Stop Target: None

Action: Support is at $14.50-$14.25. Resistance is at $14.75-$15.

 

Flex (FLEX, $16.49, down $0.02)

FLEX April 17 calls (FLEX170421C00017000, $0.30, flat)

Entry Price: $0.35 (2/15/2017)
Exit Target: $0.70
Return: -14%
Stop Target: None

Action: Support is at $16.50-$16.25. Resistance is at $16.75-$17.

 

TherapeuticsMD (TXMD, $6.84, up $0.21)

TXMD June 7.50 calls (TXMD170616C00007500, $0.90, up $0.05)

Entry Price: $0.75 (1/18/2017)
Exit Target: $1.50
Return: 21%
Stop Target: None

Action: Resistance is at $6.75-$7. Rising support is at $6.50-$6.25.