MomentumOptions.com Mid-Market Update for 6/21/2017
Tech Showing Strength/ Profit Alert (FOLD)
The market remains mixed heading into today’s close and how the action has gone for most of the session. The Nasdaq has been strong since the open but the Dow and S&P are struggling to stay close with the Russell 2000 near the flatline. Oracle (ORCL) will be announcing numbers after the close and could help momentum in tomorrow’s trading on good numbers.
Oil prices remain under pressure despite a larger than expected drawdown of supply. The whipsaw reaction following the data was expected higher prices, but the selling renewed and pushed black gold back below $43 a barrel.
Intel (INTC) is slipping today after a downgrade and is one of the stocks on my Watch List for a possible bearish trade. Shares are in the middle of their 52-week range of $30-$38 and the chart is turning ugly. I could have a new trade today but I’m still doing homework and adjustment with today’s 1% dip.
The Dow is down 60 points to 21,407 while the S&P 500 is off 3 points to 2,433. The Nasdaq is higher by 38 points to 6,226 and the Russell 2000 is slipping 2 points to 1,400.
I have updated our current trades with a Profit Alert for FOLD. Stay locked-and-loaded into the closing bell in case I take action.
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, $9.88, up $0.33)
FOLD July 9 calls (FOLD170721C00009000, $1.05, down $0.05)
Entry Price: $0.50 (6/15/2017)
Exit Target: $1.00-$1.50
Stop Target: $1.05 (Stop Limit)
Action: The Stop Limit has tripped despite shares pushing $10 again. I could be getting us back into August calls today or tomorrow.
iPath S&P 500 VIX Futures (VXX, 12.85, down 0.06)
VXX August 14 calls (VXX170818C00014000, $0.90, flat)
Entry Price: $1.20 (6/15/2017)
Exit Target: $2.40
Stop Target: None
Action: Upper resistance at 12.75-13 held on the run to 12.97. Support is at 12.50-12.25.