MomentumOptions.com Mid-Market Update for 9/5/2017
Earnings for the Week/ Profit Alerts (XLB, FOLD)
Futures were lower throughout the night and into this morning’s open and suggested a pullback towards near-term support. The market losses are above 1% with near-term support in play.
Earnings will dramatically start to slow in the coming weeks as the 2Q numbers are basically in the books. Companies with different fiscal years and quarters will occupy much of Wall Street’s attention until 3Q earnings season starts in early October.
In the meantime, here is a peek at this week’s action:
Dave & Buster’s (PLAY), Duluth Holdings (DLTH), HealthEquity (HQY) are reporting earnings after today’s closing bel.
Wednesday’s highlights include ABM Industries (ABM), CM Finance (CMFN), Fred’s (FRED), JinkoSolar Holding (JKS), Liberty Tax (TAX), Peak Resorts (SKS) and Verint Systems (VRNT).
Barnes & Noble (BKS), Conn’s (CONN), David’s Tea (DTEA), Finisar (FNSR), FuelCell Energy (FCEL), Tailored Brands (TLRD), VeriFone Holdings (PAY) and Zumiez (ZUMZ) will confess their numbers on Thursday.
Friday’s schedule is light with Kroger (KR) reporting ahead of the opening bell.
As far as the market, the Dow is down 252 points to 21,734 while the S&P 500 is off 24 points to 2,451. The Nasdaq is lower by 78 points to 6,357 and the Russell 2000 is sliding 18 points to 1,395.
I have updated our current trades, including Profit Alerts for XLB and FOLD.
Momentum Options Play List
Closed Momentum Options Trades for 2017: 44-19 (70%). 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, $13.76, down $0.26)
CY October 14 calls (CY171020C00014000, $0.50, down $0.10)
Entry Price: $0.60 (9/1/2017)
Exit Target: $1.20
Stop Target: None
Action: Support is at $13.60-13.50. Resistance is at $14.
Materials Select Sector Spider (XLB, $54.93, down $0.50)
XLB October 56 calls (XLB171020C00056000, $0.45, down $0.15)
Entry Price: $0.45 (8/31/2017)
Exit Target: $0.90
Stop Target: 47 cents (Stop Limit)
Action: The Stop Limit at 47 cents has tripped on today’s pullback.
Amicus Therapeutics (FOLD, $13.92, down $0.40)
FOLD October 15 calls (FOLD171020C00015000, $1.35, down $0.25)
Entry Price: $1.05 (8/25/2017)
Exit Target: $2.10
Stop Target: $1.25 (Stop Limit)
Action: The Stop Limit at $1.25 has triggered on today’s move back below $14..
TherapeuticsMD (TXMD, $6.31, up $0.36)
TXMD December 7.50 calls (TXMD171215C00007500, $0.70, up $0.05)
Entry Price: $0.95 (8/17/2017)
Exit Target: $1.90
Stop Target: None
Action: Resistance is at $6.25. Support is at $5.75.
Intel (INTC, $35.07, down $0.02)
INTC October 37 calls (INTC171020C00037000, $0.15, flat)
Entry Price: $0.53 (8/15/2017)
Exit Target: $1.10
Stop Target: 10 cents (Stop Limit)
Action: Support is at $34.50-$34.25. Resistance is at $35.25-$35.50.
TiVo (TIVO, $17.95, down $0.55)
TIVO October 20 calls (TIVO171020C00020000, $0.35, down $0.05)
Entry Price: $0.70 (8/8/2017)
Exit Target: $1.40
Stop Target: None
Action: Support is at $18-$17.75. Resistance is at $18.25.