The short squeeze ran its course on Friday and the Dow retraced -157 points. It was a tale of two markets with the Dow and S&P lower and the Nasdaq and Russell 2000 higher. This was a throw away day after the +440 short squeeze gain on Friday. You knew there would be profit taking. However, the Nasdaq set another new high and that kept the Dow from selling off even worse. Tuesday will be the real market test. If we move higher is should set the stage for new highs on the Dow and S&P.
Stop Loss Updates
Check the graphic below for any new stop losses in bright yellow.
We need to always be prepared for an unexpected decline.
Check the graphic below for any profit stops in green.
We need to always be prepared for a profit exit at resistance.
Current Position Changes
ABBV - AbbVie
The long call position was entered at the open.
If you are looking for a different type of option strategy, try these newsletters:
Credit spreads and naked puts = OptionWriter
Long term option investments = LEAPS Investor
3-6 month Option Trades = Ultimate Investor
Iron Condors = Couch Potato Trader
Long and short equity trades = Premier Investor
Full updates on all plays on Wednesday and Saturday. Only closed plays are updated on other days.
BULLISH Play Updates
No Updates to Current Positions
BEARISH Play Updates (Alpha by Symbol)
No Current Puts