Mid-Market Update for 6/20/2017

Oil Taps 7-Month Low

3:00pm (EST)

The bulls showed a little life on the open this morning after pushing the blue-chips to another fresh all-time high. However, the bears are still causing a little resistance heading into the final hour of action.

I have been running a little late as I wanted to hear House Speaker Paul Ryan talk up tax reforms while researching up to 5 trades. The speaker spoke of their control of the House, Senate and White House and the bill is gaining momentum, and my favorite word. Yet, doubts remain about getting a full package through by year-end.

Elsewhere, crude oil has touched 7-month lows and was last seen on my radar at $42.75. The $43 level could serve as short-term support as I don’t believe the talk of high $30’s coming into play.

The Dow is down 32 points to 21,496 while the S&P 500 is sliding 12 points to 2,441. The Nasdaq is lower by 36 points to 6,202 and the Russell 2000 is off 11 points to 1,406.

I have updated our trades so let’s go check the tape. I could have a New Trade by 3:30pm (EST) but if you don’t hear from me, we will try again tomorrow.


Momentum Options Play List

Closed Momentum Options Trades for 2017: 37-15 (71%). 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, $9.70, down $0.18)

FOLD July 9 calls (FOLD170721C00009000, $1.15, down $0.15)

Entry Price: $0.50 (6/15/2017)
Exit Target: $1.00-$1.50
Return: 130%
Stop Target: $1.05 (Stop Limit)

Action: Resistance is at $10.25-$10.50. Support is at $9.50-$9.25.


iPath S&P 500 VIX Futures (VXX, 12.78, up 0.20)

VXX August 14 calls (VXX170818C00014000, $0.85, flat)

Entry Price: $1.20 (6/15/2017)
Exit Target: $2.40
Return: -29%
Stop Target: None

Action: Resistance is at 12.75-13. Support is at 12.50-12.25.