Week 47 recap:
Good morning! B & M Trader here. Week 47 was an interesting trade. That opening sell off that happened last Wednesday, November 27, was a big winner for those who traded 0DTE contracts particularly in QQQ. These 3 stocks which are always in our watchlist, TSLA, AMD and NVDA were winners this week.
In addition to this, MARA, which I included in week 27 post was a big winner for us as well. Bitcoin is like bulls on parade as it tries to get that $100k level.
Here is our watchlist for this week:
CRM – Salesforce Inc last Friday closed at 329.99. I am looking for a start of a downside trend here at this level with a 300.00 level target. This is already up 32.50% this year and technically it formed a double top at 347.00 level. I am looking for 50 EMA re-test after after the earnings result.
OKTA – Okta, Inc. last Friday closed at 77.56. Quarterly revenue is earnings is increasing and if this pattern continues the chances of beating this coming earnings release could be a possible beat of estimate. I am looking for an upside price action into this stock. I’d like to get a 85-88 call strike to bet for an upside rally move. If we could get this right, we can trade this stock up to 95 level for a possible gap fill.
DLTR – Dollar Tree last Friday closed at 71.27. I am bullish on this stock now, especially at this level. I believe a lot of bargain buyers are back as holidays approaches. I will check the option interest volume at 81c on Monday.
DG – Dollar General last Friday closed at 77.27. I am also bullish at this stock at this level too. If DLTR beats the earnings and stock price rallies, so will this stock. I will possibly get a 88-92c strike and see if it will work out.
ULTA – Ulta Beauty last Friday closed at 386.64. I am a bit cautious of this stock because of Trump’s tariff issues going on right now. If this is the case, the net margins of this company will be affected and I think that will be enough for a possible downside. I’d like to see a possible test at 320.00 level.
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.
BITI – This is a Short Bitcoin ETF and I have been accumulating slowly on 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 95-96k range and trying to reach the 100k milestone.
To Do List:
Read: Market Wizards “ Interviews with the Top Traders by Jack D. Schwager. This is the book that will help your psychology in trading. I curated a list here (blog post) that I read from time to time.
Watch: The Woman King. I got so touched by what Nanisca said on the part about her dream. “ I know what it is. In the dream. The beast I am so frightened of. It is me.” Let me say this same thing with us, in trading the only thing that stops us from reaching our full potential is no other than us. Let’s embrace our fear so we can understand ourselves fully.
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.
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See you in our next play.
B & M Trader