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 The market showed strength throughout much of Thursday’s session despite a record weekly jobless claim figure. A pop in oil lifted sentiment after President Trump tweeted a production cut could be coming from Saudi Arabia and Russia. Trump said that Russia and Saudi Arabia were hopefully on board with a 10 million barrel per day production cut. Energy zoomed 9% on the news to lead the market’s overall strength with volatility closing near the 50 level. The Russell 2000 tested a session high of 1,102 while settling at 1,085. Major resistance at 1,100 was cleared but held with upside potential 1,115-1,125 on a close above this level. The Dow traded to an afternoon peak of 21,477 while closing at 21,413. Key resistance at 21,000 was recovered with continued closes above the the 21,500 level leading to a run towards 21,750-22,000 over the near-term. The S&P 500 settled at 2,526 with the morning peak reaching 2,533. Near-term resistance at 2,525 was recovered with additional hurdles at 2,550-2,575. The Nasdaq tested an intraday high of 7,501 while closing at 7,487. Key resistance at 7,500 was breached but held with upside potential towards 7,550-7,600 on continued closes above this level. Mess Up ALL Your Trades & Still PROFIT |
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The Dow rallied on Thursday, but traders had to contend with another wild session on Wall Street, as oil prices mounted their biggest one-day percentage gain ever, overshadowing a record jump in jobless claims amid a coronavirus-led lockdown across swathes of the country, with infections topping 1 million worldwide. The Dow rose 2.24%, or 470 points. The S&P 500 added 2.3% and the Nasdaq Composite was 1.7% higher. Oil prices settled up 24%, their highest ever percentage gain, pushing energy stocks and the broader market higher, as President Donald Trump talked up the potential of a Russia-Saudi oil-production-cut agreement. "Just spoke to my friend MBS (Crown Prince) of Saudi Arabia, who spoke with President Putin of Russia, & I expect & hope that they will be cutting back approximately 10 Million Barrels, and maybe substantially more which, if it happens, will be GREAT for the oil & gas industry!" Trump tweeted. Reports that Russia is planning to stick it out with the lower oil price environment raised some concern that the Kremlin may be wary of striking a deal with Saudi Arabia to cut production. Russia's revised budget for 2020 reportedly shows the country is planning for a $20-a-barrel oil price environment, Bloomberg reported. Meanwhile, Saudi Arabian officials said Trump's claims of cuts of more than 10 million barrels per day were an "exaggeration," The Wall Street Journal reported. Let me show you my Step-by-Step BLUEPRINT that Returned 5,500% in the last 2 years! Potentially Earn 6,438% More Per Year By Defying All Of The Regular, Ordinary, Common, Boundaries & Restrictions On Trading & Investing (Like Our Model Portfolio)...  Even if managed, a 15 million bpd cut is unlikely to prevent glut in supply, with Stacey Morris at Alerian estimating the coronavirus impact had slashed demand by about 20 million bpd, The Wall Street Journal reported. "Clearly, it's (the potential cut) better than the alternative of doing nothing and waiting for physical storage constraints to limit production," Morris said. "However, even if cuts total 15 million bpd, the global oil market could still be in an oversupply situation." Ahead of nonfarm payrolls report due Friday, jobless claims were higher than expected with another 6.65 million Americans filing for first-time unemployment insurance last week. Utilities and materials also contributed to broad-based rally, with the rising Covid-19 infections seemingly taking a back seat. Coronavirus infections reached 1 million worldwide, with more than 50,000 dead so far. I hope this article is helpful.  The post Dow Racks up Gains in Wild Trading as Oil Prices Notch Biggest 1-Day Gain appeared first on Trading Concepts, Inc.. |
 Option Block 889: How to Lose $15M Selling Puts
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AROUND THE BLOCK WHAT’S ON OUR RADAR FOR THE REST OF THE WEEK? |
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The market was back in the red for the 2nd-straight session after gapping lower on Wednesday following an update from the President about the ongoing coronavirus concerns. President Trump said there are new projections for 100,000 to 240,000 deaths in the U.S. from the coronavirus pandemic even if current social distancing guidelines are maintained. Mess Up ALL Your Trades & Still PROFIT |
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Markets are under pressure again thanks to the spread of the coronavirus. Last check, there are now 874,081 global cases with 43,291 deaths. In the U.S. alone, there are 189,633 cases. In Italy, 105,792. In Spain, 102,136. In China, 82,359. Worse, Double Line Capital CEO Jeffrey Gundlach says the coronavirus sell off is not over yet. “The low we hit in the middle of March … I would bet that low will get taken out,” Gundlach said, as quoted by CNBC. “The market has really made it back to a resistance zone and the market continues to act somewhat dysfunctionally in my opinion. Take out the low of March and then we’ll get a more enduring low.”
 The best way to trade this madness is to again buy the TVIX, UVXY, and VXX at market prices.
Until the situation is under control, markets will remain incredibly volatile. This is just one of the opportunities we find quite often inside Extreme Option Profits.  Let me show you my Step-by-Step BLUEPRINT that Returned 5,500% in the last 2 years! Potentially Earn 6,438% More Per Year By Defying All Of The Regular, Ordinary, Common, Boundaries & Restrictions On Trading & Investing (Like Our Model Portfolio)... The post Extreme Option Profits Chart of Day…Dow Jones ($INDU) appeared first on Trading Concepts, Inc.. |
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The market closed out its worst quarter since the 2008 financial crisis with a down day with the U.S., Europe and other parts of the world still engulfed by the coronavirus pandemic. The March selloff represented a greater then 30% decline at its worst point during the quarter, but a roughly 15% rebound over the past week. The Russell 2000 traded down to 1,130 while settling at 1,153. Key support from at 1,125 was challenged but held with a close below this level signaling risk towards the 1,100 level. The Dow tested down to 21,852 before closing at 21,917. Current support at 22,000 failed to,hold with continued closes below this level keeping backtest potential towards 21,500 in focus. The S&P 500 tapped an intraday low of 2,571 while closing at 2,584. Near-term support at 2,575 was breached but held with downside risk towards 2,525 on a close below this level. The Nasdaq tumbled to a late day low of 7,642 while settling at 7,700. Key support at 7,700 was breached but held with a close below this level signaling a retest towards 7,650-7,600. Mess Up ALL Your Trades & Still PROFIT |
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Stocks just closed out their worst first quarter ever. The S&P 500 fell 20% in the first three months of the year, breaking the previous first-quarter record set in 1938, as the coronavirus pandemic worsened. There were a few market bright spots, though. Stocks including Citrix, Regeneron, Netflix, Gilead, Nvidia and Amazon ended the quarter higher. Craig Johnson, chief market technician at Piper Sandler, says one performing stock is setting up for a fall. “J.M. Smucker — this is a stock to me that looks like it should be sold. It’s up 6% year to date, but ... it’s been a better relative performer than an absolute performer, to be clear,” Johnson told CNBC’s “Trading Nation” on Tuesday. “This is a stock that we should be taking some profits.”
John Petrides, portfolio manager at Tocqueville Asset Management, agrees with Johnson’s J.M. Smucker call. “Consumer staples has been a relative outperformer, but Smuckers for a very long time has not been able to grow organically. I think investors are playing the run on the supermarket, and the fact that it has an above average yield, and that is supporting the valuation. But organically and structurally, I think the company has issues that it still has to work through, so I wouldn’t pay up for this stock,” he said during the same segment. Let me show you my Step-by-Step BLUEPRINT that Returned 5,500% in the last 2 years! Potentially Earn 6,438% More Per Year By Defying All Of The Regular, Ordinary, Common, Boundaries & Restrictions On Trading & Investing (Like Our Model Portfolio)... Petrides also notes that Netflix may be facing downside pressure after a 16% run this year. He says high valuations and dependency on subscriber growth and increasing content costs could keep a check on the stock. There is one stock Johnson says has the ability to keep on climbing. “I think the opportunities in other names, such as in the technology sector, where you have Nvidia. When you look at that chart, this is a stock that’s been much stronger. It’s corrected right back to the rising 200-day moving average, great support at about $200,” said Johnson.
Johnson says Nvidia could see moves to the high $300s. That would surpass its February record high of $316.32. I hope this article is helpful in your trading strategy. The post Netflix, others are market bright spots after S&P 500′s worst first quarter ever appeared first on Trading Concepts, Inc.. |
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On March 25, 2020, we highlighted Nike (NKE) as an opportunity in a Chart of Day. At the time, we recommended the stock, as it traded at $79.14, and the NKE May 15, 2020 85 call, as it traded at $6.80. At the moment, the NKE stock is up to $83.40. The call is now up to nearly $10 a contract. Consider selling to close half of the call to secure partial win. Hold the second half of the call and the NKE stock.
 The stock continues to push higher thanks to solid growth. Over the last few days, Nike reported that global sales grew 7% after adjusting for currency exchange rates, which is great news considering China sales fell for the first time in years. The company also earned $847 million, or 53 cents a share, as compared to $1.1 billion, or 68 cents year over year. Revenue was up 5% to $10.1 billion thanks to 13% with Nike Direct, and with digital growth of 36%. This is just one of the opportunities we find quite often inside Extreme Option Profits. Let me show you my Step-by-Step BLUEPRINT that Returned 5,500% in the last 2 years! Potentially Earn 6,438% More Per Year By Defying All Of The Regular, Ordinary, Common, Boundaries & Restrictions On Trading & Investing (Like Our Model Portfolio)... The post Extreme Option Profits Chart of Day…Nike (NKE) appeared first on Trading Concepts, Inc.. |
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The market rebounded on Monday following encouraging news concerning testing and vaccine development for the coronavirus. Johnson & Johnson (JNJ) zoomed 8% after announcing the selection of a lead COVID-19 vaccine candidate from constructs it has been working on since January 2020. Additionally, J&J announced the rapid scaling of the company's manufacturing capacity, with the goal of providing global supply of more than one billion doses of a vaccine if one is found to be successful. Mess Up ALL Your Trades & Still PROFIT |
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Option Block 888: Why The Heck Are We Rallying?
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