We saw some monster moves in the early morning today. Edumomo members were counting their profits and taking the rest of the day off before lunch.
SPY, Amazon (AMZN), Tesla (TSLA), and Shopify (SHOP) all had great downside opens that we were able to capitalize on. Let's run it down ...
- AMZN 2950 puts went from $14 to $60 in the opening action. They retraced to about the entry, only to go all the way to $100 by the end of the day.
- TSLA 980 puts went from $6 to $30 within the first 15 minutes of action, ending the day at $40.
- SHOP was a mess today, giving up key level after key level — first 1000, then 900, a nice all-day seller. The 950 puts went from $3.5 all the way to $85. Holy cow.
So yeah ... good day. At least for us. I anticipate one or two more sell days, then possibly a nice rally. We did get a nice pop on SPY today as it hit the 200 SMA, but it just couldn't clear the previous day's close and ended up selling off before closing for the weekend.
NFLX Fails to Bounce
Netflix (NFLX) had a disastrous earnings report. It had the potential to bounce, but just couldn't do it. Once it broke our 398 watchlist level, that was all she wrote. The 390 puts went from $6 to $14 at the lows.
Coinbase (COIN) started the day by breaking the 208 watchlist level, then just hammered through the rest of them all the way down to 185. The 200 puts went from $0.75 all the way up to $12.
Always watch when long term support breaks.
Member Trade of the Day
Edumomo user Tg777 snagged several amazing trades, especially that amazing SHOP runner, to tip the scales up 50.49% for the DAY. Just wow.