MomentumOptions.com Mid-Market Update for 3/28/2017

Bulls Showing Confidence

2:20pm (EST)

The market started off a little choppy after futures were showing a 9th-straight lower open for the Dow. Despite the recent gloom and doom, the indexes have showed steady momentum after consumer confidence topped expectations.

The Conference Board’s consumer confidence reading zoomed nearly 10 points to 125.6 in March from an upwardly revised 116.1 reading for February. Elsewhere, the Case Shiller 20-City home price index rose 0.2% to 192.81 for January, on higher home prices.

With earnings light and Wall Street ready for the parade in a couple of weeks, economic news will play a more important role in helping influence market direction. Today’s continued rebound off Monday’s lows and the 50-day moving averages are slightly bullish signals as long as these levels hold into the close.

The Dow is up 168 points to 20,718 while the S&P 500 is gaining 19 points to 2,361. The Nasdaq is higher by 44 points to 5,884 and the Russell 2000 is adding 6 points to 1,364.

I have updated our current trades so let’s go check the tape.

 

Momentum Options Play List

Closed Momentum Options Trades for 2017: 21-3 (88%). 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.

 

TherapeuticsMD (TXMD, $6.95, up $0.11)

TXMD May 7.50 calls (TXMD170519C00007500, $0.85, up $0.05)

Entry Price: $0.80 (3/27/2017)
Exit Target: $1.60
Return: 6%
Stop Target: None

Action: Resistance is at $7-$7.25. Support is at $6.75-$6.50.

 

Viavi Solutions (VIAV, $10.88, down $0.02)

VIAV May 12 calls (VIAV170519C00012000, $0.31, flat)

Entry Price: $0.29 (3/27/2017)
Exit Target: $0.60
Return: 7%
Stop Target: None

VIAV April 11 calls (VIAV170421C00011000, $0.38, flat)

Entry Price: $0.42 (3/20/2017)
Exit Target: $0.85
Return: -10%
Stop Target: None

Action: Resistance is at $11-$11.25. Support is at $10.75-$10.50.

 

Starbucks (SBUX, $57.39, up $0.16)

April 52.50 puts (SBUX170421P00052500, $0.05, flat)

Entry Price: $0.40 (3/10/2017)
Exit Target: $0.80
Return: -88%
Stop Target: None

Action: Resistance is at $57.25-$57.50. Support is at $56.75-$56.50.

 

Amicus Therapeutics (FOLD, $7.27, down $0.23)

FOLD April 8 calls (FOLD170421C00008000, $0.25, down $0.05)

Entry Price: $0.60 (3/2/2017)
Exit Target: $1.20
Return: -58%
Stop Target: None

Action: Support is at $7.25-$7. Resistance is at $7.75-$8.

 

Tower Semiconductor (TSEM, $23.12, up $0.06)

TSEM April 24 calls (TSEM170421C00024000, $0.30, flat)

Entry Price: $0.65 (3/1/2017)
Exit Target: $1.30
Return: -54%
Stop Target: None

Action: Resistance is at $23.25-$23.50. Support is at $22.75-$22.50 if $23 fails to hold.

 

Flex (FLEX, $16.68, up $0.06)

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