Possible Support
GRPN has been in a nice trend and looks to have a possible support. On a low cost stock like GRPN I will normally just by the stock but if your looking for an option trade check out the JAN 2018 5 Calls. The Jan series has a lot of open interest and the 5 strike has more then 21,000 of open interest.
Consider a stop around $5.45. The options are inexpensive but be careful not to over trade sizing this trade to large. Keep in mind GRPN is a rather volatile stock.
P.S. Yesterday’s trade idea opened with a one day gain of more than 8%.
Recently Closed Trades
CSCO 17% • BAC 31% • CREE 48% • WMT 245% • NFLX -40% • STX 42% • 2nd CSCO Trade 30%
Today’s Market Prep Note
With the last 3-days of selling, traders are starting to wonder, Where is Santa? Gloom and doomers have been predicting the demise of the 2017 bull run all year. Now having strung together the first 3-day selling streak since August they are out in force predicting the market top has happened. Could they be right? Of course, even a broken watch is right twice a day. Before diving headlong into a pit of despair take a minute to examine the charts. The DIA and the SPY are still trending up! The QQQ’s are suggesting caution, and the IWM is holding a significant support. Also, take notice that there has been no panic selling and the VIX is not registering fear. Historically the so-called Santa Rally appears 7 to 10 days after the beginning of December. Stay focused on price it will provide us the answers.
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Investing and Trading involves significant financial risk and is not suitable for everyone. No communication from Hit and Run Candlesticks Inc. is financial or trading advice. All information is intended for Educational Purposes Only. Terms of Service.
Doug Campbell is not a licensed financial adviser, nor does he offer trade recommendations or advice to anyone except for the trading desk of Right Way Options Inc.
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