MomentumOptions.com Mid-Market Update for 3/6/2017

Monday Blues

3:35pm (EST)

The market opened in negative territory and has remained there throughout the session as we wind down the last hour of trading. Despite the slight weakness, the indexes have traded in a narrow range with the bulls likely running out of time before seeing positive territory today.

I mentioned geopolitical concerns might play a slight role in helping the bears gain an edge today with North Korea testing ballistic missiles and accusations from President Trump that his administration was being wiretapped by the Obama administration.

Shares of Deutsche Bank (DB, $18.57, down $0.78) are off 4% and are having a slight impact on the Financial sector. The company raised $8.5 billion in fresh capital after saying it plans to realign and simplify its corporate structure. The overall pullback in the sector might present some trading opportunities in the coming days.

The Dow is down 28 points to 20,977 while the S&P 500 is lower by 5 points to 2,377. The Nasdaq is declining 15 points to 5,855 and the Russell 2000 is off 10 points to 1,383.

I have updated our current trades and I apologize for the late delivery today. I’ve been busy with my Watch List and I see some possible opportunities for tomorrow, in the meantime, let’s go check the tape.

 

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, $7.74, down $0.05)

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

Entry Price: $0.60 (3/2/2017)
Exit Target: $1.20
Return: 0%
Stop Target: None

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

 

Tower Semiconductor (TSEM, $23.23, up $0.13)

TSEM April 24 calls (TSEM170421C00024000, $0.55, flat)

Entry Price: $0.65 (3/1/2017)
Exit Target: $1.30
Return: -15%
Stop Target: None

Action: Support is at $23-$22.50. Resistance at $23.25-$23.50.

 

Vuzix (VUZI, $7.05, down $0.35)

VUZI April 7.50 calls (VUZI170421C00007500, $0.60, down $0.05)

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

Action: Support is at $7.25-$7. Resistance is at $7.50-$7.75.

 

3D Systems (DDD, $14.69, up $0.16)

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, $16.32, down $0.19)

FLEX April 17 calls (FLEX170421C00017000, $0.25, flat)

Entry Price: $0.35 (2/15/2017)
Exit Target: $0.70
Return: -29%
Stop Target: None

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

 

TherapeuticsMD (TXMD, $6.41, down $0.49)

TXMD June 7.50 calls (TXMD170616C00007500, $0.75, down $0.20)

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

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