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Short-Term Upside Despite Major Overbought Levels…

(then look out below)
 
   
     
   
 
FEB 12, 2024
   
GUY COHEN’S MARKET MOVERS
Still A Week Of Earnings Left, Then…?

For a long while I”ve maintained that the market will likely remain bullish during the Jan/Feb earnings season, but would need a pause or pullback afterwards. This has been a good call so far, and there’s still another week of intense earnings announcements ahead.

Precisely when the pullback will manifest, we’ll only know when the first signs appear, like a bearish monorail bar, railroad track or something that telegraphs the market’s intentions clearly.

Following the pullback, I anticipate a further bull run in the context of bullish Shrinking Retracements.

Here is this week’s watchlist:
 
 
 

Follow the money,

— Guy Cohen
 
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GUEST POST JACK CARTER
Up, Up and Away!
 

A little over a week ago, my system flagged a bullish flood order on SNOW.

Multiple big, bullish options order from big Wall Street money were betting that SNOW would be spiking upward.

Here’s what that looked like in my system:
 
 

As you can see, almost a million dollars worth of bullish options trades betting that SNOW would hit at least 230.

With the stock trading at around 218 at the time that really was betting on a huge move.

But if you know anything about me, you know that I’m not a fan of speculative directional trades.

I much prefer to play opportunities like this as income plays. Because the “surface area” for your win gets so much bigger.

I don’t have to get the direction AND the timing right.

Instead, I can place a trade that not only lets me collect cash up front.

It lets me bet on something much more certain: That the stock won’t go down below a certain level by the expiration date.

Here’s what that looks like on a chart:
 
 

This trade is still in play — we took a February 16th expiration.

So we’ve still got 4 days left.

But you can see from the chart, the stock has drifted further and further away from the Put option that we sold.

And in just a few days I’m expecting that we’ll close out another winner.

That’ll be a 42% gain for just about 2 weeks in the trade.

That’s pretty great in my book!

If you haven’t started trading this way, this is your sign.

Directional trades sound like a lot of fun. Who doesn’t like a nice triple digit gain, sometimes in a few days.

But the truth is trades like that are few and far between.

The way I trade, by following the big money and placing income trades. That’s how you gain consistently in your trading.

Trade Well,

— Jack Carter
 
   
 
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