Watchlist for April 4th, 2017
Good Evening Traders,
Notable Mentions; April 3rd.
$TSLA closed up 7.27% after reporting they delivered 25,000 vehicles during the first quarter. During the day, Tesla’s valuation exceeded that of Ford’s. To those who are shocked, here is Elon Musk defending the valuation.
$WIX broke all time highs as the stock traded more volume than it ever has before. There seems to be a heavy demand for the stock as it continues to be accumulated.
$AMD a stock I’ve been watching held up strong to a overall weak market.
Major Indexes Outlook
I think $SPX will continue to rollover here. We have been unable to close above resistance. Bonds and gold are rallying which means the S&P500 may continue to take a break. If this chart plays out I will definitely looking to get long around the support level for a Wave 5 move higher.
Gold may continue to move higher if the market does continue to pullback this week. The corrective wave pulled back perfectly into our buy zone & fib says we should be looking higher after retracing past the .786 of A to B.
Tomorrow I will be watching to see if bonds can break trendline resistance. There was a failed break today, however I believe with the current weakness in the market we will see a break.
Trading Watchlist
Looking for a buying opportunity in Altria. There is support around the $70 dollar area, however we will have to watch price action & volume closely.
With a 38% short interest this stock may continue to squeeze shorts. There was heavy accumulation today. I will be looking for an entry tomorrow.
Other stocks I will be watching include
Unusual Option Activity
CBS — +14,000 15 SEP 17 72.5 CALL @2.30. Traded on the ASK. (This is a 3.2 million dollar bet that CBS will be above 74.80 on September 15, 2017.) This trader is already up 1.2 million, props.
JNJ — + 2,800 19 MAY 17 120 PUT @.90. Traded on the BID. ( This trader collected $252,000 in premium and will keep the premium if JNJ remains above 119.10 by May 19, 2017)
ORCL — BUY +23,132 ORCL 100 15SEP17 46 CALL @1.57 LMT. Traded on the ASK. ( $3.6 million bet that ORCL will be above 47.57 by September 15, 2017)
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Good Trading.
