NVDA is making that monster move to record highs, and this is where I take 1/2 position off. I'm also locking 1/2 NFLX too just in case, and I'm closing out the SQ Mar calls. I still have SQ Apr calls and will hold that position into April if needed. All other Apr calls are an easy hold. I should mention, it's about time to let go of BZUN too. I'll be looking to the exit. Right now, it looks like a nice 200% gain. Closed out all of NVDA here with NVDA above 252. Locked in 3900 in gains on these trades.
I haven't jumped into any thing on the short side, but I have been looking at QCOM from here at 60 to 55 (pre-merger news price), X also failed to move even after a strong earning guidance report last night, and NFLX back to about 310 (but that was from 323 yesterday). With NFLX at 317, the risk has already increased. Still, those are just what I've looked at yesterday and into today. No new positions on any. I'm holding more April calls now so I've been able to just watch for the time being.
Looks like that QCOM/BROADCOM merger killed: http://money.cnn.com/2018/03/13/investing/broadcom-qualcomm-national-security/index.html
To me heading lower, took out the stops to upside and little retracement before going higher to new all time highs. Fill the gap and maybe little lower, then upside.
I'm with handle123 on this one Jeff. I'm looking for another higher volume up day before confirmation. I liked the increased volume when things picked up from Thursday to Friday. We may not go much lower, but more sideways for a few days, and then I'm looking for that gap higher. The thing here is rumor has it that Trump is looking to unload more staff, and that's always a wildcard. But if everything is quiet, then look to next Wednesday as the breakout if the FOMC meeting goes as the market expects.
Things were slow yesterday. I held onto all my Apr option positions like SQ, MSFT, AMAT, and INTC. I did close out the weekly NFLX and JPM calls taking losses on both. I also added NVDA Mar week4 255 calls yesterday just 10 or so minutes before the close. After watching yesterday's close, I checked volume and the Nasdaq's volume was lower than previous day along with many of the large tech's volume below avg. On strength, that's where I want to be. I'd say the current uptrend is being pressured the past 2 days, but it seems to be limited to certain individual stocks like BA taking high volume hits. Even banks were trading below their 20-day volume avg at the close. Still, that doesn't take away from the big drops. I'm looking at PYPL today, it broke out of a base yesterday in heavy volume, and that's one I want to get in. There are also plenty of earning reports today like ADBE, AVGO, ULTA, and OSTK.
Added AVGO Mar 270 calls today ahead of earnings. Going to play the earnings side of this stock. With the QCOM distraction gone, it should be nothing but earnings ahead. I still like all my Apr calls, and that NVDA Mar wk4 call is holding up so far.
Closed out AVGO for a loss this morning. I also added DKS Apr 35 calls looking for a breakout soon and target of 40.