Uneven Day, FOMC Tomorrow
Today we saw an action-packed morning followed by a slow afternoon. We're all waiting with bated breath for tomorrow's FOMC (Federal Open Markets Committee) meeting featuring remarks from Mr. Powell. We see that as a potential risk off into the close.
Tesla (TSLA) broke our 955 level in the premarket. We aimed to get short on pops throughout the morning. We got short a few times, but it just couldn't hold below the 940 level. It eventually got there on the afternoon on the lower volume, but it reclaimed 940 into the end of the day.
If you ended up getting short a little later, it ran into big resistance at 955. You could have gotten the 940 puts for $13-$14 and sold them for $24 at its lowest point. It just never made it into our next level.
AMZN Could Bottom Out
Amazon (AMZN) continued its sell program, but it didn't have as much range as in previous days. We could see it hit bottom soon.
MSFT Flips the Script
Microsoft (MSFT) proved to be the seller of the day, pretty much right out the gate. Unexpected — it was so strong yesterday, barely budging except at the end of the day when it broke our key 340 level.
The 330 puts went from about $2.50 in the morning to a high of $7.84. Boom!
AAPL Fakes, but We Were Patient
Apple (AAPL) popped and dropped first thing in the morning. Everyone else bought the dip, but we waited until our 178 level to go short. It nearly tested and then sold off until lunchtime. You could have grabbed the 175 puts for $2.25 and sold them at its lowest point for $4.35.
MRNA Takes an Encore
Anyone who missed out on Moderna (MRNA) yesterday had a nice entry point this morning if they were watching. You could have scooped up 270 calls at the open for $4-$5 and sold them for as much as $12. MRNA could be on track to hit our 285 level by tomorrow.
Member Trade of the Day
Edumomo member ROCK crushed it with a 15% account gain, with swing trades on SPC and put shorts on Google (GOOGL) and Shopify (SHOP) during the morning madness.