MomentumOptions.com Mid-Market Update for 7/18/2017

Tech Stays Hot

1:15pm (EST)

The market has been choppy today with mixed results following earnings from Goldman Sachs (GS), Johnson & Johnson (JNJ), and Bank of America (BAC). All three companies topped profit expectations with J&J falling short on revenue.

Goldman remains in the red and continues to be a weight on the Dow and the Financial sector, in general. Tech is trading higher and is trying to close higher for the 8th-straight session.

The Dow is down 91 points to 21,538 while the S&P 500 is off 2 points to 2,456. The Nasdaq is higher by 10 points to 6,325 and the Russell 2000 is sliding 4 points to 1,426.

I’ve been busy today analyzing possible new trades and I could have one ready ahead of the closing bell. In the meantime, let’s go check on the current action.

 

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, $14.39, up $0.10)

CY August 15 calls (CY170818C00015000, $0.50, flat)

Entry Price: $0.40 (7/12/2017)
Exit Target: $0.80
Return: 25%
Stop Target: None

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

 

Wendy’s (WEN, $15.48, down $0.18)

WEN August 16 calls (WEN170818C00016000, $0.40, down $0.05)

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

Action: Lower resistance at $15.75-$16 held on Monday’s run to $15.74. Support is at $15.50-$15.25.

 

Bank of America (BAC, $23.76, down $0.26)

BAC August 25 calls (BAC170818C00025000, $0.20, down $0.10)

Entry Price: $0.75 (7/3/2017)
Exit Target: $1.50
Return: -73%
Stop Target: None

Action: Support is at $23.75-$23.50. Resistance is at $24.

 

AT&T (T, $36.07, down $0.32)

T August 37 puts (T170818P00037000, $1.25, up $0.15)

Entry Price: $0.78 (6/29/2017)
Exit Target: $1.60
Return: 60%
Stop Target: $1.05 (Stop Limit)

Action: Support is at $36-$35.50. Resistance is at $36.25-$36.50.

 

TherapeuticsMD (TXMD, $5.30, up $0.03)

TXMD August 7.50 calls (TXMD170818C00007500, $0.25, flat)

Entry Price: $0.50 (6/22/2017)
Exit Target: $1.00
Return: -50%
Stop Target: None

Action: Resistance is at $5.50. Support is at $5.25-$5.

 

iPath S&P 500 VIX Futures (VXX, 11.72, up 0.02)

VXX August 14 calls (VXX170818C00014000, $0.35, down $0.05)

Entry Price: $1.20 (6/15/2017)
Exit Target: $2.40
Return: -71%
Stop Target: None

Action: Resistance is at 11.75-12. Support is at 11.50-11.25.