Bought across everything on the GDP number. Sometimes can't wait for options to open. Will sell into the pop and convert to options.

Largest buys were AMZN, TWTR, QCOM and SQ

Nothing like a $10 quick ride on AMZN. Woo-woo

And out!

Actually thinking about this a little more, if I'm doing the earlier expiration I would want to do a lower strike so I move ITM and the value is intrinsic, thus I'm less vulnerable to time decay. Right? But the safest play is probably the monthlies

foleyt said:

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Good morning OA and others. Here's my thought for this morning, let me know if I'm on track

GILD gave us a bullish engulfing candle yesterday so we would expect a continuation higher. The next resistance level is around 66 as shown.

My thought was to buy 5/3 66 calls @ 0.73. Target would be to sell half at the first test of 66 (if my math is right the call would be at about 1.25), and hold the other half to see if 66 is broken with an ultimate target of 68 which is the previous high. If 66 fails we'd be looking at a head and shoulders pattern so I would exit the other half and potentially be looking to buy monthly puts with around a 62 target.

Or I could do the 5/3 65 calls at 1.10 for a better chance of being ITM. what do you think of the setup and trade strategy?

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Agree with your technical read. We're already in the trade so, even though I see upside continuation, I don't want to endorse chasing it.

GILD received an outperform rating this morning so your calls listed will be higher.

Thanks! Just opened my account a few days so so I missed the initial entry. I won't chase it

oldarmy1 said:

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You asked for a miracle, I give you Donald J Trump and 3.2% GDP!

Crush the shorts. Reverse the pullbacks and hit new market highs.

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Sounds like my kind of Friday

Hopefully, some of these dogs I've hitched my wagon to will grow some legs today and get moving.

oldarmy1 said:

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Prognightmare said:

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OA,

I'm sitting on some cash reserves and with NVDA opening a lot lower, what month/strike look like an opportunity? I don't mind paying some premium for more time? TIA.

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First, to those who doubled down on NVDA aren't you glad we sold on the 50% retracement? Never get overly greedy. Make your initial option entry your key one.

As for the INTC impact on NVDA and CSCO, so far they've held up above key support. $180 on NVDA and $55.25 on CSCO.

How am I trading it? I'll look for a flash under $180 and double down again. If the flash collapses below $178 I'll stop loss the entire trade.

I'll do same on CSCO if it falls close to that key support, except I'll make the strike next weeks $57's.

It either rubber bands or the pattern trend is broken making the reason we've traded them gone.

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Jumped on the CSCO May 3rd $57's at $0.17

There was the NVDA flkash below $180....bought shares and options like a mad man....sold shares for $1 already and then watch $178.

Sold the TEUM at $4.22... hoping it drops back down to buy back.

People may be asking "is the market selling the news" on the GDP "why is it not rocketing higher?"

#1) Trade your support areas and watch your disciplined stops
#2) If big money was WRONG on the GDP they have to reposition so they sell off early and once they see volume selling they buy like nuts and if that happens you'll see the markets head upward quickly.
#3) If it is sell the news its a consolidation cycle, so discipline your stops and sideline for next round

NVDA lost 178

TWTR holding strong around 38.20

OA, RIG has dropped back down to the $8.69 range after spiking up to $9.76.... Good entry point?

Edit: In at $8.71

Aggie_2463 said:

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OA, Rig has dropped back down to the $8.69 range after spiking up to $9.76.... Good entry point?

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Think so

Aggie_2463 said:

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OA, Rig has dropped back down to the $8.69 range after spiking up to $9.76.... Good entry point?

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[url=https://www.wsj.com/articles/trumps-offshore-oil-drilling-plan-sidelined-indefinitely-11556208950][/url]https://www.wsj.com/articles/trumps-offshore-oil-drilling-plan-sidelined-indefinitely-11556208950

Be careful there...

Quote:

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Trump's Offshore Oil-Drilling Plan Sidelined Indefinitely

Interior Secretary David Bernhardt cites recent court decision blocking Arctic drilling

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Quote:

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The Trump administration's proposal to vastly expand offshore oil and gas drilling has been sidelined indefinitely as the Interior Department grapples with a recent court decision that blocks Arctic drilling, according to Interior Secretary David Bernhardt.

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With the stop on NVDA I'm trading the weekly $180 for a bounce

oldarmy1 said:

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Aggie_2463 said:

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OA, Rig has dropped back down to the $8.69 range after spiking up to $9.76.... Good entry point?

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Think so

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I'm just a nickel and dimer, buying 1,000 shares at a time to make a few hundred bucks then find the next entry point. One day I hope I contribute more to this thread, but man you're really good at what you do!

Earnings are early next week...I like the idea of selling the 9.50 puts for $0.76 right now

I had not read what Irish posted. That's the reason RIG is where its at so I need to really take a look at the sector.

ROKU volume

NVDA collapsing lower.

TEUM down to $4.... May re-enter if it hits $3.95 again

Well SFIX is up

NVDA half of a intraday reverse H&S,. Needs $176.50 for other half

TEUM -$3.95.... hmmm

Back in at $3.96

Our DE calls moving

Aggie_2463 said:

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TEUM -$3.95.... hmmm

Back in at $3.96

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Will tell over a couple of days, sometimes intraday, but when a big player or two are on the wrong side of macro's you get a lot of what we're seeing. Watch volumes. NVDA had a red/green V bottom and now waiting for $176.50 confirmation

oldarmy1 said:

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Aggie_2463 said:

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TEUM -$3.95.... hmmm

Back in at $3.96

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Will tell over a couple of days, sometimes intraday, but when a big player or two are on the wrong side of macro's you get a lot of what we're seeing. Watch volumes. NVDA had a red/green V bottom and now waiting for $176.50 confirmation

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We just got it.

NVDA hit $176.50 so right side now forming

Aren't you rookies on CX happy about your $22 total risk?

NVDA is deep end of the pool stuff. $10 swing intraday is a whisker.

But you follow discipline and exit and then if you want to trade the potential V bottom forming you load up on weeklies and sell half as the right side forms and then give it half hour to result in follow through breakout. If nothing comes close rest of the trade because a $180 call is going to deteriorate fast after 10am central time with no upside movement.

Markets recovering so NVDA should break higher on the technical pattern. And if it manages to get to $180 or above closing I roll the weeklies into $200's again on big profits. I'd caution most to stay away from the $150+ stocks because you MUST be proactive and quick.

here's HOW ALLL THAT LOOKS ON A CHART INTRADAY.

NOC call was sold over breakfast. That was fun. 20% on the highest premium I've ever bought.

Did everyone see it? That red circle on right shoulder filled downward mirroring the left side before exploding higher. And THAT is how you use Technicals!

Here it is with confirmation chart. Note that red circle got filled on the pre-pop pullback. Stupid old trick that doesn't work on professional traders. We WANT to see that.


You guys can go to a $5k day trading course and not get this.