MomentumOptions.com Mid-Market for 12/6/2017
Gold Testing Multi-Month Support/ Profit Alert (CC)
12:50pm (EST)
The Spider Gold Shares (GLD) are testing multi-month support at the $120 level with today’s low tapping $119.87. Continued closes below $120-$119.75 would be a bearish development with additional risk towards the $119-$118. We highlighted the downward sloping 50-day moving average a few weeks ago and it remains a concern given the move below the 200-day moving average. Current resistance is at $120.50-$121. RSI has fallen below support at the 40 level with risk to 30 on continued weakness.
As far as the market, the Dow is off 7 points to 24,173 while the S&P 500 is dipping a point to 2,628. The Nasdaq is up 2 points to 6,764 and the Russell 2000 is tanking 24 points to 1,508.
I have a Profit Alert for CC as our option trade has hit triple-digits (up 138%!) on the 6% pullback in the stock.
Momentum Options Play List
Closed Momentum Options Trades for 2017: 53-22 (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.
Chemours (CC, $46.12, down $3.18)
January 47 puts (CC180119P00047000, $3.10, up $1.30)
Entry Price: $1.30 (12/4/2017)
Exit Target: $2.60
Return: 138%
Stop Target: $1.35 (Stop Limit)
Action: Close a THIRD of the trade at current levels.
Fresh support is at $46-$45 with today’s low at $45.05. Resistance is at $46.25-$46.50.
Viavi Systems (VIAV, $8.79, down $0.10)
VIAV January 9 calls (VIAV180119C00009000, $0.40, flat)
Entry Price: $0.65 (11/29/2017)
Exit Target: $1.30
Return: -38%
Stop Target: None
Action: Support is at $8.75. Resistance is at $9.
Twitter (TWTR, $21.04, up $0.27)
TWTR January 24 calls (TWTR180119C00024000, $0.25, flat)
Entry Price: $0.70 (11/22/2017)
Exit Target: $1.40
Return: -64%
Stop Target: 15 cents (Stop Limit)
Action: Resistance is at $21-$21.25. Support is at $20.50-$20.25.
TiVo (TIVO, $16.25, up $0.20)
January 20 calls (TIVO180119C00020000, $0.15, down $0.05)
Entry Price: $0.60 (10/31/2017)
Exit Target: $1.20
Return: -75%
Stop Target: None
Action: Resistance is at $16.25-$16.50. Support is at $16-$15.75.