MomentumOptions.com Pre-Market Update for 9/13/2017
Bulls Trigger Record Highs
The market showed continued momentum on Tuesday with the S&P 500 trading to fresh all-time high. Some of the enthusiasm came from the debut of Apple’s new iPhone and its initial starting price of $999. The Nasdaq also posted a slight gain to clear near-term resistance while the Russell 2000 showed the most strength. The Financial sector led the way higher for the second-straight session. Utilities and Real Estate were the only laggards, falling 1.7% and 1.1%, respectively.
The Dow gained 61 points, or 0.3%, to settle at 22,118. The blue-chips held positive territory throughout the session while trading to an intraday high of 21,134. Resistance at 22,200-22,400 held with the all-time high at 22,179. Support remains at 21,800-21,750.
The S&P 500 added 8 points, or 0.3%, to finish at 2,496. The index also held green from the open while closing a third-point off a fresh all-time high. Resistance is at 2,500-2,525. Rising support is at 2,475-2,470.
The Nasdaq climbed 22 points, or 0.3%, to close at 6,454. Tech opened higher at 6,448 before slipping 3 points to 6,429 during the morning action. Rising support at 6,400-6,375 held with a move below 6,350 signaling a short-term top. The rebound to 6,455 came with 5 points of a fresh lifetime high with resistance at 6,475-6,500 also holding.
The Russell 2000 rallied 8 points, or 0.6%, to end at 1,423. The small-caps showed strength throughout the session while going out a half-point off the closing high. Resistance at 1,425-1,430 is back in play on the close above 1,410. Support is at 1400-1,395.
The S&P 500 Volatility Index ($VIX, 10.58, down 0.15) traded down to 10.29 on the open to split support at 10.50-10. Resistance remains 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, $14.16, up $0.36)
CY October 14 calls (CY171020C00014000, $0.70, up $0.20)
Entry Price: $0.60 (9/1/2017)
Exit Target: $1.20
Stop Target: None
Action: Fresh resistance is at $14.25-$14.50 with yesterday’s high reaching $14.35. Rising support is at $14-$13.75.
TherapeuticsMD (TXMD, $6.41, down $0.12)
TXMD December 7.50 calls (TXMD171215C00007500, $0.80, down $0.10)
Entry Price: $0.95 (8/17/2017)
Exit Target: $1.90
Stop Target: None
Action: Support is at $6.25 following Tuesday’s backtest to $6.35. Resistance is at $6.50-$6.75.
Intel (INTC, $36.09, up $0.32)
INTC October 37 calls (INTC171020C00037000, $0.35, up $0.05)
Entry Price: $0.53 (8/15/2017)
Exit Target: $1.10
Stop Target: 10 cents (Stop Limit)
Action: Resistance is at $36.25-$36.50 following yesterday’s run to $36.34. Support is at $35.75-$35.50.
TiVo (TIVO, $18.45, down $0.05)
TIVO October 20 calls (TIVO171020C00020000, $0.40, flat)
Entry Price: $0.70 (8/8/2017)
Exit Target: $1.40
Stop Target: None
Action: Support is at $18.25-$18. Resistance is at $18.75-$19.