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Momo Market Roundup, 5/16/2022 — $SPY Consolidation… $WIX Ultimate Pop And Drop… $SAVE JBLU Buyout… 

 May 16, 2022

By  spectre_trades

$SPY Consolidation

SPY today did not have the extreme ranges as of late… maybe it is settling down for awhile. It was mostly trapped within the previous days range except for a brief push toward our 405 level before selling off. Days like this are a great reason to have a process.. And to make sure you take profits as per your plan. If you got long on the morning double bottom… and were patient.. You definitely did not bad! SPX 4000C was as cheap as 16… went as low 13.. And as high as 45. Definitely good risk reward.

$WIX Ultimate Pop And Drop

WIX had earnings in premarket and afterwards it gave some up and down range… if you got short commons on the pop into our 75.5 level during the morning action you quickly hit some targets after that. It dropped almost immediately back into 70… and then kept downtrending for most of the day… before settling near 66. If you took the pop and risked a few bucks you easily got a 1:3 risk reward!

$SAVE JBLU Buyout

SAVE.. It is weird this thing was not trading higher.. But definitely gave us a chance to get in risking to our 17.7 level below.. You could have snagged the 20C for about 55 cents.. And it ran up just under a buck. Not a bad little trade. Maybe this will see more action in the coming days.

Two Hour Trader Student Results

Great job having restraint during a choppy day!

spectre_trades


Momentum Trader. Technical Chart Analyst. Always on the hunt for 3x or better reward to risk.

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