11:40am (EST)
We have action to take with one of our current trades so let’s go check the tape.
Profit Alert!
Palantir Technologies (PLTR, $8.90, up $0.10)
PLTR May 9 calls (PLTR230519C00009000, $0.65, unchanged)
Entry Price: $0.55 (4/14/2023)
Exit Target: $1.10
Return: 18%
Stop Target: None
Action: Close the trade at current levels.
We weren’t happy with yesterday’s (and today’s) pin action in PLTR despite the pop past $9. The inability to hold this level was a slightly bearish setup with the 50-day moving average showing signs of rolling over.
We would rather move on with a slight profit while deploying the capital elsewhere in better looking setups.