Week 46 recap:
Good morning! B & M trader here. Week 46 was a roller coaster especially NVDA earnings result. We traded NVDA both the upside and downside trend and made money out of it. I closed my put positions at LOW’s at a loss. I was up in my position at the open as this stock dropped after the earnings but eventually reversed in which the theta killed my premiums, either way I ended the week green. Thanks to MSTR (Citron Research disclosed its short position) and NVDA / QQQ combo trades.
Here is our watchlist for this week:
ZM – Zoom last Friday closed at 85.88. I am expecting a downside trend from this level as Elon and Vivek are pushing a return to office mandate to all US government employees and because of this, users of this software might be lower. Watch out for that 78-75 level to get tested if this worked out.
DKS – Dicks Sporting Good last Friday closed at 210.16. The last consumer confidence report was pretty strong thus indicating that the economy is resilient. I think this will be a beat in the earnings as holiday shoppings is coming closer. I’d like to see a 240 level breakout on this earning result. Let’s check out 240c on this one.
CRWD – Crowdstrike last Friday closed at 372.26. Remember the Delta booking outage? Which causes Delta to miss the earnings because of the glitch happened with this software. I wonder what will be the effect of this outage in the books of CRWD. I am still bearish on this company and I’d like to see that 315 level gets tested again.
MSTR / MARA – These two are crypto players. MSTR range is really unbelievable, especially last Friday. I’ve seen contracts go from $400 to $3000. Watch out for these two stocks as they have a lot of volume from last week’s trading.
BITI – This is a Short Bitcoin ETF and I have been accumulating this stock since last week as a hedge for the possible downside price action of Bitcoin. Bitcoin as of this writing is trading somewhere in the 99-96k range over this weekend, a bit shy of 100k yesterday.
UEC / LEU – These two are uranium players and I have been trading these two for quite awhile. In my opinion, these two have more room to the upside. I have written my ideas here at Tradingview and you can check my bull thesis.
We’ve been buying stocks in some of the companies that we are not mentioning here and sometimes we post our analysis on our TradingView platform. Feel free to view our trading ideas and analysis here at TradingView.
If you don’t have a TradingView charting platform yet, you can sign-up here (our affiliate link) . It will give us a small commission which we will donate to the Sick Kids Foundation.
See you in our next play,
B & M Trader