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It was a decent day for tech and growth although the $SPY and $DIA ended down. As tech and growth continue to fit my narrative that we are at the bottom, I'd like to review some opening plays going into the summer that I have some options set ups about to trigger for.
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BHP Group engages in the natural resources business in Australia, Europe, China, Japan, India, South Korea, rest of Asia, North America, South America, and internationally. It operates through Petroleum, Copper, Iron Ore, and Coal segments. The company engages in the exploration, development, and production of oil and gas properties; and mining of copper, silver, zinc, molybdenum, uranium, gold, iron ore, and metallurgical and energy coal.
Basically they are in everything that is working during this inflationary period.
Currently $BHP is on support that it bounced off of during the march dip and after ran up to $82 twice. I am bullish in this space in general. Over the past 11 years of data, May is overall the worst month for this stock. I've measured out, color coded and cloned the last three run ups, and if we take an average of the three we could expect $BHP reaching the $82 mark again mid June.
In my opinion, I'd pick up some calls for after the summer around $75/80. If the support doesn't hold, it will fall to $70 rather quickly. Overall this is low risk and the August $80 calls are only $1.40 right now.
The Gap, Inc. operates as an apparel retail company. The company offers apparel, accessories, and personal care products for men, women, and children under the Old Navy, Gap, Banana Republic, Athleta, Intermix, and Janie and Jack brands.
Also, Gap has the Kanye West Yeezy deal set to drop in June. I personally like September $35 calls here. If GPS can retrace a little more to major Covid19 support, it is an even better buying opportunity.
I called this one a couple of months ago and it has been good so far. NAIL is a 3X Leveraged ETF that seeks 300% return of the Dow Jones U.S. Select Home Construction Index. With the home data that has recently come out, NAIL has sold off to cheap levels. Currently trading right above support and I have set an alert for the next time it touches it and will be buying either commons or calls dated after the summer. My target would be around $100-$110 by then. MACD is looking like NAIL is about to turn around. The demand is at a high in the US right now and markets around the country are very hot. I see this as a great opportunity to buy in.
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