As markets fail to break above all-time highs we are closing our short FedEx (FDX) trade after reaching our take profit targets
Closing Trades
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Markets have rallied sharply on enthusiasm for a trade deal at the G20 meeting, however, market stability remains on shaky ground. As markets fail to break above all-time highs we are closing our long Tyson (TSN) trade on news of a government probe into business practices of the company.
Closing Trades
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The bearish DailyPlay we chose for Tuesday, June 25th is Nvidia (NVDA). NVDA is part of the Technology Sector (XLK). XLK has rallied 7.07% higher over the past month and its 1m and 6m trend turned bullish on June 7th but has failed to print new highs and bounced off its $79 resistance level.
Nvidia’s 1m and 6m trend turned neutral and bearish on June 17th and recently bounced lower off its $157.50 resistance level with weak moneyflow. With a technical score of 5 (out of 10), NVDA is a neutral stock that is starting to turn lower.
As a stop loss, if NVDA was to trade above $157.50 for multiple days, this would invalidate our analysis and suggest getting out of the trade.
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On Friday’s Options Action, the crew analyzed the performance of FedEx. FedEx is currently trading near its Christmas lows despite the markets near all-time highs. Coupled with the transports sector showing poor relative strength and FedEx’s headwinds with the Amazon breakup suggests possible poor guidance on earnings. Expecting FDX to trade lower on earnings, Michael Khouw suggests selling a July 170/175 Call Vertical for $1.90 Credit. As of Friday’s close, these calls were trading at a $1.69 Credit.
We’ve structured this trade in OptionsPlay so you can analyze and view this trade along with the supporting technical chart at your convenience. You can also view the Options Action’s video by clicking on the following link: FDX OptionsAction Video
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Markets have started to stabilize but remain below major resistance levels. We take this opportunity to take profit on our long positions and continue to position a few trades for the binary risks in this market.
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The bullish DailyPlay we chose for Thursday, June 20th is Microsoft (MSFT). MSFT is part of the Technology Sector (XLK). XLK has rallied 5.06% higher over the past month and its 1m and 6m trend turned bullish on June 7th and bounced higher off its $76 support level.
Microsoft’s 1m and 6m trend turned bullish on June 5th and broke above its $130 resistance level. With a technical score of 9 (out of 10), MSFT is a strong stock that will likely continue higher.
As a stop loss, if MSFT was to trade below $130 for multiple days, this would invalidate our analysis and suggest getting out of the trade.
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Markets have rallied sharply on enthusiasm for a trade deal at the G20 meeting, however, market stability remains on shaky ground. We take this opportunity to cut losses on a position that have moved against us.
Closing Trades
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The bearish DailyPlay we chose for Tuesday, June 18th is Rockwell Automation (ROK). ROK is part of the Industrial Sector (XRI). XRI has declined 0.67% lower over the past month and its 1m and 6m trend turned neutral yesterday and bounced lower off its $76 resistance level.
Rockwell Automation’s 1m and 6m trend turned bearish yesterday and bounced lower off its $160 resistance level. With a technical score of 4 (out of 10), ROK is a weak stock that will likely continue lower.
As a stop loss, if ROK was to trade above $160 for multiple days, this would invalidate our analysis and suggest getting out of the trade.
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The idea presented is the opinion of the Options Action staff and not a recommendation by OptionsPlay.
On Friday’s Options Action, the crew analyzed the performance of Nike. Nike is currently trading near its all-time high valuation with poor earnings performance over the past 2 years. Coupled with the retail sector slowing down, Nike is likely to underperform with upcoming earnings on June 27th. Expecting NKE to trade lower, Michael Khouw suggests buying a July/Sept 77.5 Put Calendar for $1.00 Debit. As of Friday’s close, these puts were trading at a $0.96 Debit.
We’ve structured this trade in OptionsPlay so you can analyze and view this trade along with the supporting technical chart at your convenience. You can also view the Options Action’s video by clicking on the following link: NKE OptionsAction Video
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The bullish DailyPlay we chose for Friday, June 14th is American International Group (AIG). AIG is part of the Financial Sector (XLF). XLF has rallied 1.08% higher over the past month and its 1m and 6m trend turned bullish on June 4th while breaking above its $27 resistance level.
American International Group’s 1m and 6m trends turned bullish on June 3rd while breaking above its $52.50 resistance level. With a technical score of 10 (out of 10), AIG is a strong stock that will likely continue higher.
As a stop loss, if AIG was to trade below $52.50 for multiple days, this would invalidate our analysis and suggest getting out of the trade.
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