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Options This Week:
$SE - On going.
Markets pulled back across the board yesterday and BTC is currently trading around $54,000. It isn't a very big surprise as most indices are trading just a few days shy of their all time highs; in fact, in yesterday's write up and YouTube video, I was predicting that we would be cooling off.
I had 4 short term stock options trades yesterday, 2 of which I closed for a quick profit. I decided to cut the $GOOGL call for a small loss and wait for a more favorable day. If we hold this for few more days, it will decay a lot unless we have significant price movement upwards - since it is a weekly call option. Overall considering how choppy the markets were yesterday, I consider this a successful day closing two tech stocks for profit. The $SE call, is down, but it is a much cheaper positions. I'll wait for opening bell tomorrow to see which direction we are moving in. Fortunately, futures are all pointing upward at the time of writing.
Is it a coincidence that on April 19th, the day before the notorious holiday, that the U.S. House of Representatives on Monday passed legislation that would allow banks to provide services to cannabis companies in states where it is legal, a step towards removing what analysts say is a barrier to development of a national industry.
"Banks find themselves in a difficult situation due to the conflict between state and federal law, with local communities encouraging them to bank cannabis businesses and federal law prohibiting it," the group wrote in a letter to lawmakers on Monday. "Congress must act to resolve this conflict."
This is obviously a good step forward towards full legalization and it is my opinion that some cannabis stocks should be added into your portfolios for a long term swing or hold. What better day to do this besides today? I personally like $THCX, a cannabis ETF. It has has a rough time last couple of months, since the weed stock hype died off, however it is only a little shy of the 50 day MA.
$SOXL: The semiconductor ETF is down more than 7% and in my opinion was and is a great buying opportunity. It is a 3x leveraged ETF, so be careful. However, it is diversified and there is a big, global shortage of chips. It bounced off of the 50 day MA Monday afternoon, and assuming that it holds this support, I think it can make a fast push towards $45.
Short Term Options to Consider: (remember follow on Twitter for actual trades I'm doing)
BA 4/23 $242.5p at $5.60: It has been trading on and off of my trend line November and appears to be approaching once again. I'd consider a PUT, but would keep the position small.
WMT 4/23 $140c at $0.80- I believe that during the last dip, Walmart fell more than the broader market and has more room to bounce. If considering the incline of the current trend it is on, it can move by a few dollars before Friday.
CGC 4/23 $28c at $0.50- Obviously chasing the current trend of the day, it is 4/20 after all, and it is easily imaginable that Reddit might 'pump it up'. It is cheap enough that it will be fun.
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