DailyPlay – Opening Trade (UBER) – September 16, 2024
UBER Bullish Opening Trade Signal Investment Rationale...
Read MoreBulls had a strong showing to start the week and stem last week’s losses. However, will there be further follow through this week? In my Monday Morning Macro Outlook session I laid out why I felt that we had a buy the dip opportunity to start off the week. So far we’ve seen the start of it but need to see it continue into the week for us to further confidence that downside risks have been mitigated. With GOOGL and TSLA earnings on deck tomorrow afternoon, all eyes are on earnings season to dictate the next leg of equities. Since our net positions are short theta I am comfortable holding them as we wait for further evidence and collect premium as we do so.
Bullish Credit Spread – AZN gapped higher yesterday, pushing our gains to almost 25% on this trade. A break above $80 will likely lead to a continuation of this uptrend.
Bullish Credit Spread – Google gapped higher yesterday to finish the trading day just short of breakeven. The next bullish target is at $190.
Bullish Debit Spread – LULU also had a positive day, recovering some of the recent losses, as support at this level is holding.
Bullish Credit Spread – Support around the $100 mark held for MS yesterday and an upside recovery seems likely.
Bullish Credit Spread – PYPL recovered and is now trading in positive territory. A break above $62 will likely lead to upside gains, targeting $65 and then $68.
Bullish Credit Spread – TSM bounced off $165 support yesterday. This warrants holding onto this position in anticipation of further upside.
UBER Bullish Opening Trade Signal Investment Rationale...
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