The Tech Stock I’m Watching for a Potential Trade
By: Steve Smith
The past few weeks have been a tough trading environment with major indices quietly grinding higher. However, there’s been plenty of turmoil in individual names — under the hood.
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Yesterday, I shared how I established a bearish position in the S&P 500 Index (SPY) using my patent-pending “triple play” strategy which makes use of weekly expiration dates. With today’s roll, the cost basis is down from $42.90 to just $0.30, giving us a bear-free trade of significant downside exposure,
With that in place, I’m starting to look at names for establishing bullish positions. As you can see in the chart below, Tuesday’s sell-off looks like just another one-day blunder by the bears; a spike lower which held support closed at the high and is extending gains today. Sorry Boo Bear, but El Toro is back in control!
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With that said, my watch list is now filling up with buying opportunities. A top name, and one I haven’t traded in over two years, is Netflix (NFLX), which took a post-earnings dive despite good numbers.
If it can hold the $500 level over the next few days, I think a quick rise to $520 is the cards.
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