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What to Watch for the Week of August 2nd, 2021

Major US indices pulled back Friday, but not all that much. I believe we are almost at a tipping point for an after summer correction, which will pull down the market across the board, gearing up for a run into the holiday season.

Only one alert triggered today and that was an $ABNB put. After a poll I recently took on Twitter and in my Discord server, Airbnb was selected for the next big research project. (All research is free for my VIPs). After starting on this project, I believe that $ABNB is overvalued and doesn't have the sustainability that the current market price implies. Therefore, I've put in two put alerts. Go small.

A better positions that I would prefer is entering into a bigger put at the YTD VWAP. I have already set an alert for this stronger resistance, but there is no guarantee if and when it will reach it.

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Positions from Last Week



Ongoing (I will consider cutting if Monday starts off red; still plenty of time left on)

$COIN -0.2% (Shares)

$CAT -10% (Calls)

$LOGI -7.2% (Calls)


New

$ABNB +1.3% (Puts)


Closed

$TSLA +10% (Closed)

$EBON +29% (Closed)

$IRM +25% (Closed)

$TSLA +117% (Calls)



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New and Adjusted Alerts


$HOOD IPO'd last week and I will be waiting to enter at $10... (Just Kidding) I'm staying away from Robinhood for now.



After a great week with $TSLA calls, I've entered in another similar alert as the last two. If Tesla pulls back to the 50MA, I'll buy more calls. However, there is a chance that $TSLA keeps running next week therefore I am not interested in short term puts.



$MT is looking a little bit overbought, and even though I and many other analysts are bullish long term, I believe that this can be a good time to lock in some quick profits. Once it consolidates toward the 50MA, or even the YTD VWAP, we can re-enter with calls.



I'm really liking $CRM going into August. The 180MA is approaching a large volume shelf that indicates a lot of buying will happen there. More so, the YTD VWAP is lurking at those levels as well. Long term bullish on Salesforce, and August is historically one of the best months for the stock. October or November calls, look tempting around the $230 level.



$TSM, Taiwan Semiconductor, is, I believe, an undervalued company that has a fair price of around $130+. This is a great opportunity to pick up calls for November or EOY. September and October are some of the best months for TSM according to Trend Spider's Seasonality Chart. At current levels, the 50, 180, and a huge volume shelf are converging.



$AXP has had an amazing run this year August is one of the better months over the past decade. I believe consumer spending has and will increase and monthly calls or vertical spreads are perfect here.



$AAP, Advance Auto Parts, is still an interesting play for me. Everyone has probably heard by now that used car prices have gone up a lot. If we can get a consolidation around the 50MA, I think it is worth it to buy calls. However, I won't be waiting much longer for this one. I'll give it another week.



$VRT also had a good week, up from the 50MA. I'm waiting for a resistance bounce to enter some short term puts.