Tickers discussed: SPY QQQ IWM FB AAPL AMZN TSLA MSFT NFLX GOOGL LW JBLU GRWG SFIX TPR
The Daily Profit Compass provides the stock market analysis for the day. Key levels and trading locations for the indexes are provided, along with trading plans and timely commentary to keep you on the right side of the trade.
Trader’s Couch – Will return
Earnings
Swing Trade Set Up Ideas
$AAPL – Short Set up
A break below the 50ema and $110 open up a path to much lower prices as price would be entering a zone where technical support is largely non-existent. When / if the trade triggers I would look out at least 2 weeks to the Oct 2 option chain and possibly the Oct 16 to give the trade time to work. Target the $110 puts.
$FB – Short Idea
Like AAPL, if FB loses the 50ema, price moves into a technical support void and toward a T1 at $250. A fill of the lower gap takes price to T2 at $235. Again look 2-4 weeks out and target the $160 at the money puts.
$JBLU – Long Idea
Airlines are seeing nice bullish action across the board. I like JBLU because price just cleared the 200 ema, giving traders a nice clean line to shoot against. There’s room to $16.50 and is the target. Look out to the October expiration at aim for the October $13 calls for about $1.
$LW – Long Idea
Restaurant service provider Lamb-Weston is benefiting from restaurant re-openings and recently cleared the 200ema. Get long against the 200ema and look for $75 on the upside. Target the Oct 70 calls.
$SFIX- Long idea
Get long on a break to 52 week highs with a stop below. Target October 30 calls. Wait for the trade to trigger above $29.50
$TPR – Long Idea
One of my favorite technical set ups. A break above the 200ema and into a massive price void where price can move quickly. Get long with October 17.50 calls for about $1.55. Set a stop just below the 200ema. Ultimately, price can reach $24 if the market stays productive and focused on cyclical names.
$GRWR – Long Idea
Breaking from a wedge consolidation. I like this long above $17 with an eye on the prior high at $22.
Active Trade set ups / Positions
For the sake of space, I’ve removed the trade / activity. If you want to look at it, simply look at prior blog posts.
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Sept 16 AAPL Sept 25 $112.5 puts at 3.25
Sept 15 Followed unusual options activity and promising chart into SCPL NOV 15 calls at 1.95. Speculative Trade
Sept 14 Entered NTR Nov 40 Calls
Index Charts and FATMAAN Names
Key locations and Trade Plans
Last Night’s Market Recap video covers the key levels and trade plan for the Indexes and FATMAAN names. All the key levels are valid this morning. In focus will be the open gap above resulting from the anticipated down open and the prior lows. If the prior lows are broken to the downside, more selling is likely to come in.
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