Make or Break Wednesday
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Despite a continued spike in coronavirus cases and Fed Chairman Powell stating that the U.S. economic recovery is "extraordinarily uncertain," the markets are slightly up today.
The SPDR S&P 500 ETF (NYSE: SPY) has bounced once again off of $300 support. The three bearish volume spikes suggest that this level won't hold, but we will wait and see what actually happens.
Now, we don't have a new V3 trade for today - but we do have an exit to make at 3:00 PM ET.
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The markets are up this morning despite continuing record spikes in COVID-19 across Florida, Texas, and California.
As a result, the SPDR S&P 500 ETF (NYSE: SPY) has bounced off of $300 support once again. However, three bearish volume spikes over the past seven trading days, combined with lesser volume on up days, suggests that this important support level will be breached in the days to come.
There are no new compelling V3 trades for today, so we will sit on the sidelines and see how the market plays out.
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Global food producer General Mills Inc. (NYSE: GIS) has come up on the V3 radar as a pre-earnings bullish stock - making for a great trade today!
GIS historically produces volume spikes at earnings as well as seven-day bull runs into earnings. With GIS earnings now seven days away, it's time to let history do its work!
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So the trading week ends in a whimper. Our Turbo Stocks list gave us a whopping two stocks to select from this afternoon as only Square, Inc. (NYSE: SQ) and Vertex Pharmaceuticals, Inc. (NASDAQ: VRTX) made it through the gauntlet. With SQ at $100 and VRTX at nearly $200 a share, our only option would be, well, to open options on these securities.
But, as I mentioned during Wednesday's Roundtable Conference Call, I'm focusing on building the stock side of our portfolio as our options holdings are quite robust. In other words, I want to have a few of our options positions closed before we add new ones.
That said, this Friday's order is to enjoy your weekend. With Olin Corporation's (NYSE: OLN) late-day skid, our puts hit the limit price we set, which handed us a better-than 50% profit.
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As if our two winning trades from earlier this morning weren't enough, we've got one more 50% profit to take today to turn Friday into a supercharged payday.
Even though we just opened our General Mills, Inc. (NYSE: GIS) puts two days ago, we're already looking at a 50% gain.
As I stressed in our latest Roundtable Conference Call, I don't want to take half positions unless I'm absolutely sure the upside for our option is there.
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If you haven't done so already, this is your Final Call to follow the action of last night's Mission Order to place the trade with your broker.
There's nothing to stop this consumer-staple company's bearish slide, so let's buy some puts.
Here's what to do...
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As I'll note during our Roundtable Conference Call tomorrow evening (don't forget to sign up), the market is presenting itself as one for stock pickers - not for index and sector investors. And today's Mission Order reflects that representation.
Recently, the consumer-staples sector has seen a fair share of bullish activity as traders have been migrating to it from other, more volatile groups. That said, there are some stocks within these defensives that have been lagging and crossing into bearish trends. Tonight's target is one such example.
Year-to-date, shares of General Mills, Inc. (NYSE: GIS) are trading down a whopping 25%. Meanwhile, the overall market is posting a return of about 9%. For a bit, GIS looked as though it had righted itself while making up ground this summer as it bounced off lows around $40, but that upturn has changed.
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During our Roundtable Conference Call last week, I mentioned that we had some painful housekeeping to do before this Friday's expiration date. Today is that day.
We're closing our last April options to take what value is left before the options expire.
But this minor setback isn't going to keep us down. We're going to move quickly to regain the upward momentum we had in the options portfolio as we continue to add stock positions now that the market is gaining some traction.
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