Pre-Market Update for 9/12/2017

Lifetime Highs Back in Play

8:00am (EST)

The bulls started the week off strong following the impact of hurricane Irma being smaller than initially feared. Of course, the damage is still extensive and could effect GDP by as much as 1.5% but the rebuilding process should make up for it in the quarters ahead. The gains were led by Financial, Materials and Technology with all sectors closing the day in positive territory.

The Dow jumped 252 points, or 1.2%, to end at 22,050. The blue-chips opened higher at 21,927 while trading up to 22,067 intraday. Upper resistance at 21,900-22,000 was cleared with fresh hurdles at 22,200-22,400. The all-time high is at 22,179. Support is at 21,800-21,750.

The S&P 500 surged 26 points, or 1.1%, to settle at 2,488. The index closed within a point of the session high just south of 2,489 with fresh resistance at 2,500-2,525. The all-time high is at 2,490. Rising support is at 2,470-2,465.

The Nasdaq zoomed 72 points, or 1.1%, to finish at 6,432. Tech tested a high of 6,439 and came within 21 points of clearing a new lifetime high above 6,460. Fresh resistance is at 6,475-6,500. Support is at 6,375-6,350.

The Russell 2000 advanced 15 points, or 1.1%, to close at 1,414. The small-caps cleared near-term resistance at 1,405-1,410 with additional hurdles at 1,425-1,430. Support is at 1400-1,395.

The S&P 500 Volatility Index ($VIX, 10.73, down 1.39) bottomed out at 10.51 with new support at 10.50-10 holding. Lowered resistance is at 11.50-12.50


Momentum Options Play List

Closed Momentum Options Trades for 2017: 46-19 (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.


Cypress Semiconductor (CY, $13.80, up $0.33)

CY October 14 calls (CY171020C00014000, $0.50, up $0.10)

Entry Price: $0.60 (9/1/2017)
Exit Target: $1.20
Return: -17%
Stop Target: None

Action: Fresh resistance is at $14-$14.25 with Monday’s high tapping $13.81. Support is at $13.75-13.50.


TherapeuticsMD (TXMD, $6.53, down $0.08)

TXMD December 7.50 calls (TXMD171215C00007500, $0.90, flat)

Entry Price: $0.95 (8/17/2017)
Exit Target: $1.90
Return: -6%
Stop Target: None

Action: Upper support at $6.50-$6.25 held on yesterday’s backtest to $6.41. Resistance is at $6.75-$7.


Intel (INTC, $35.77, up $0.58)

INTC October 37 calls (INTC171020C00037000, $0.30, up $0.11)

Entry Price: $0.53 (8/15/2017)
Exit Target: $1.10
Return: -36%
Stop Target: 10 cents (Stop Limit)

Action: Fresh resistance is at $36-$36.25. Rising support is at $35.25-$35.


TiVo (TIVO, $18.50, up $0.40)

TIVO October 20 calls (TIVO171020C00020000, $0.45, up $0.05)

Entry Price: $0.70 (8/8/2017)
Exit Target: $1.40
Return: -37%
Stop Target: None

Action: Resistance is at $18.75-$19. Support is at $18.25-$18.