MomentumOptions.com Mid-Market Update for 7/14/2017

Financial Stocks Slip

3:00pm (EST)

Despite good earnings results from the Financial companies this morning, shares of JPMorgan Chase (JPM), Citigroup (C) and Wells Fargo (WFC) are pulling back on a sell-the-news event. Wells Fargo missed on revenues and rants by JPMorgan’s CEO soured the mood but fresh highs on the major indexes are in play despite the negativity.

The final hour of trading will be important as I’m looking for key upper resistance to hold into the close. I’ve also been busy setting up our next 3-5 trades as it appears my upper fluff targets for the indexes will be coming into play. However, fresh resistance will need to hold into Monday’s closing bell, as well, to keep the current momentum going.

The Dow is gaining 82 points to 21,635 while the S&P 500 is higher by 11 points to 2,459. The Nasdaq is up 37 points to 6,312 and the Russell 2000 is adding 6 points to 1,431.

I have updated our current trades, and while I don’t anticipate any action into the closing bell, I will be watching the action. If you don’t hear from me again, have a great and safe weekend.

 

Momentum Options Play List

Closed Momentum Options Trades for 2017: 39-15 (74%). 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.

 

Cypress Semiconductor (CY, $14.37, up $0.06)

CY August 15 calls (CY170818C00015000, $0.55, flat)

Entry Price: $0.40 (7/12/2017)
Exit Target: $0.80
Return: 38%
Stop Target: None

Action: Resistance is at $14.50-$14.75. Support is at $14.25-$14.

 

Wendy’s (WEN, $15.70, up $0.06)

WEN August 16 calls (WEN170818C00016000, $0.45, flat)

Entry Price: $0.45 (7/12/2017)
Exit Target: $0.90
Return: 0%
Stop Target: None

Action: Resistance is at $15.75-$16. Support is at $15.50-$15.25.

 

Bank of America (BAC, $24.20, down $0.42)

BAC August 25 calls (BAC170818C00025000, $0.35, down $0.20)

Entry Price: $0.75 (7/3/2017)
Exit Target: $1.50
Return: -53%
Stop Target: None

Action: Fresh support is at $24.25-$24. Resistance is at $24.50-$24.75. Earnings are due out next week.

 

AT&T (T, $36.35, up $0.14)

T August 37 puts (T170818P00037000, $1.20, flat)

Entry Price: $0.78 (6/29/2017)
Exit Target: $1.60
Return: 54%
Stop Target: $1.05 (Stop Limit)

Action: The Stop Limit at $1.05 has held on the low of $1.09. Resistance is $36.50-$36.75. Support at $36.

 

TherapeuticsMD (TXMD, $5.53, down $0.04)

TXMD August 7.50 calls (TXMD170818C00007500, $0.45, flat)

Entry Price: $0.50 (6/22/2017)
Exit Target: $1.00
Return: -10%
Stop Target: None

Action: Support is at $5.25-$5. Resistance is at $5.75-$6.

 

iPath S&P 500 VIX Futures (VXX, 12.00, down 0.23)

VXX August 14 calls (VXX170818C00014000, $0.40, down $0.10)

Entry Price: $1.20 (6/15/2017)
Exit Target: $2.40
Return: -67%
Stop Target: None

Action: Support is at 12-11.75. Resistance is at 12.25-12.50.