Bullish – W – $248.03
After a volatile week driven by an uptick of COVID cases globally and huge tech earnings, we enter the election week just above major support levels. $323 and SPY and $260 on QQQ have held so far last week and we need to see markets hold these levels to maintain a bullish view on equities.
W Trade Idea:
On CNBC’s OptionsAction show on Friday, Tony Zhang reviewed Wayfair’s earnings event next week. With home improvement credit card data remaining extremely resilient and consistent, we expect a strong earnings beat. Investors and analyst have turned bearish on furniture stocks in the past month and we expect a surprise to the upside for e-commerce focused companies such as Wayfair. Expecting a strong reaction to earnings and guidance, Tony is selling a Dec $240/$210 Put Vertical @ $13.50 Credit.
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