Set Up For Puts?
Once
again, there were no meaningful covered calls that set up. If this bounce can
continue, we’ll likely have setups early next week.
It’s usually a bullish sign when a bearish
pattern doesn’t work. With that said, insurance
(
$IUX.X |
Quote |
Chart |
News |
PowerRating) has begun to
rally out of what looks like a topping formation. Look for buying opportunities in
calls and call spreads here.
On the short side, although the semis
(
$SOX.X |
Quote |
Chart |
News |
PowerRating)
had a nice bounce on Thursday, so far, it looks like nothing more than a retrace
from lows. Look for buying opportunities in puts and put spreads here on any
return of weakness.
Although broker/dealer
(
$XBD.X |
Quote |
Chart |
News |
PowerRating) was up
on Thursday, it still remains a big-picture inverted cup formation. Continue to
look for buying opportunities in puts and
put spreads here.
Biotech
(
$BTK.X |
Quote |
Chart |
News |
PowerRating) appears to be stalling out in its retrace rally from its recent
lows. Look for buying opportunities in puts and put spreads here.
Best
of luck with your trading on Friday!
P.S. Reminder:
Protective stops on every trade!