Tomorrow marks the day that the September dip started last year. Do you believe history repeats itself? Apparently the Dow does, as it fell 0.14% today. The S&P was flat and the Nasdaq finished up 0.33%. Two alerts went off today in the VIP section of the Discord.
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$TGT -21% (Calls)
$EBON -18.3% (puts)
$SCHD +0% (commons (Place holder))
$HD +11.8% (Calls)
$AI - Late Trigger will consider entry tomorrow early.
$SOXL +20% (Commons)
$AMZN +30% (Calls)
$TTWO +25% (Calls)
I am considering DCA both the EBON and TGT options. EBON depends on how it goes tomorrow.
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EBON has broken the 50MA finally and the chart doesn't look good. However, it has done this before a couple weeks ago before falling again. My long term outlook on this company has not changed. It is just a case of managing the decay right now in our options positions. BTC has had a solid couple of weeks and caused anything to do with crypto or mining to increase in value. Cutting this or not, well actually a delayed roll, will entirely depend on how tomorrow goes. I wasn't to big into this positions so it doesn't hurt.
As far as the other backward position that we are in currently this week, TGT seems to be forming a glass bottom around $244. Of course let's see if this holds true going into tomorrow. If so, its a good chance to DCA. Although be aware that September is usually Target's worst month.
Now onto the good news, HD bounced perfectly off of my lowest low anchored VWAP. There is also a ~$92M big volume shelf support the price a little. Nice little intra day price action for this stock. It is a short term position for me. To be honest, everything will be in September. You wont want to get stuck in a sour option this month and try to catch the falling knife.
When it is good, it is good. When it is bad, don't trade.
AI looks similar to EBON, although AI is already retreating to the 50MA. If price continues falling in PM tomorrow, buying puts at open will most likely be a good idea.
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