Stock up 5%

My Trade Plan Details:

• SPOT July 7 2023 $160 call near $2.60
• Stop: Close below $152
• Target 1: $164
• Target 2: $168

My Reasoning:

This stock once again made it onto my “top 5” for the week, and as I dug deeper, I can see that nothing has changed sincethe last time.  The stock is stronger, and a little higher priced, but still in a massive bull trend higher.

This week’s top idea is, once again – Spotify (SPOT)

My plan for SPOT is to make two purchases this week. I want to get started on a half-sized position today, somewhere near my target entry price.

It is important to see if the stock can break out of the existing channel. A closing price above $159 would really get me excited.

I also want to add to this later in the week.  I’ll let you know what my plans are as the week progresses.

If this trade doesn’t work out, I will stop out if SPOT closes under $152, which has been a crucial support level in the recent upward move.

If things work out my way, I plan to take profits around $164 & $168 as my upside targets.

Note that I am going with a shorter-dated contract this week, so this trade will be a little more volatile for me – either in a good (or bad ) way!

Stock up 3%

My Trade Details:

• BA June 30 2023 $220 call near $4.50
• Stop: Close below $210
• Target 1: $225
• Target 2: $234

My Reasoning:

For my top idea this week, I am going with the leading supplier of jets to airlines across the world, Boeing (BA). 

BA has been in an uptrend recently as well, but I still think it is in the early stages (barring a market pullback, of course).

If you go back to October of last year, BA made a massive run into the new year, hitting $220.  Since then, it has basically gone nowhere.  The stock has traded in a boring channel for several months, but with the strength in the travel industry, we are seeing a rally lately, and I think it could carry BA much higher.

My plan for BA this week is to buy options in 2 pieces:  I want to buy half sometime today, and I want to save half of my position size to buy more if BA hits $214.

If I am wrong on this trade, my stop loss will be a closing price under $210 for BA.

On the upside, if I am right, I plan to sell near $225 and possibly even $234 as my profit targets.

Stock up 10%

My Trade Details:

• TGT June 23 2023 $135 call near $2.50
• Stop: Close below $125
• Target 1: $140
• Target 2: $144

My Reasoning:

So, most of us know the story here with TGT recently. They have been selling clothes that are offensive to one demographic (a major one!) and there have been boycotts.  That, plus a weak earnings report, dragged the stock around 20% lower over the last couple of weeks.

Right now, I see this as a prime opportunity for a bounce. I don’t think people are going to stay out of TGT stores very long and this is a pretty extreme reaction we have seen for the stock.  

I think we will see a bounce up near the $140 range, if I am right, which was a previous support level.

On the downside, I am looking to cut this for a loss if TGT closes under the recent low of $125.

This will probably not be a fast-moving trade, but I do think we will see a move higher from here over the coming week.

I also think the market is due for a pullback, and I think this is a safer trade to be in compared to tech stocks right now.

My Trade Details:

• BILL June 16 2023 $105 call near $2.50
• Stop: Close below $92
• Target 1: $106
• Target 2: $114

My Reasoning:

BILL was a former “tech darling” stock back when everyone was in a good mood in 2021, as the stock traded around $350 for a while.  When the market sobered up in 2022, BILL traded all the way down to $75, right before the last earnings report.

Now, BILL has been flirting with $100, and I think we are going to see that level taken out very soon and will then provide a level of new support.

My plan is to get started with a half-sized position today, and look to add more to it on a dip this week.

If I am right, I think BILL will have a date with the 200-day moving average soon, which is around $107.  After that, I think $114 could be in play, based on the demand zone.

If I am wrong, then I want to set my stop with a closing price under $92, which is under the recent support level we have seen since the earnings blowout a few weeks ago.

My Trade Details:

• NUE May 12 2023 $155 call near $4
• Stop: Close below $144
• Target 1: $160
• Target 2: $165

My Reasoning:

I have a love/hate relationship with TSLA as a stock.  As a company, I think it is fantastic.  In fact, I am thinking about buying a TSLA model X as our next family car.

By the way, anyone who owns a TSLA or has thoughts on buying a new one, drop your comments in the member dashboard this week.  I’ll reply, and I’d love to hear your thoughts.

By the way, bookmark that dashboard link

so you can find it easily each week 

The biggest question right now is, “Where is TSLA in its recovery rally?”  The stock made an incredible 100% move higher to start the year (of course, it made a 66% drop lower, to end last year.)

Everyone is asking if TSLA is headed back to $150 or are we going to test the high for the year around $200 first?

If I look at TSLA without any bias right now (we’ll talk about biases in the session today), I sure think the next move will continue to be higher from here.

I am looking at intermediate targets of $185 & $195 if things go my way on the upside.

If I am wrong, I want to use a tight stop of a closing price below $172 for a stop loss.

My Trade Details:

• NUGT June 2 2023 $46 call near $1.80
• Stop: Close below $42
• Target 1: $50
• Target 2: $54

My Reasoning:

We have a very light week of earnings and economic events this week.  The only big item looming out there right now is the debt ceiling, as I mentioned.  

Also, the market continues to price in a rate cut in the next few months, but the Fed keeps making it clear that we will not see any cuts this year.  I wonder who it right?

Regardless, all of this bodes well for gold again.  When I want to bet on gold, I go with the miners (NUGT is a 2x leveraged bet on gold mining stocks)

NUGT has had a nice pullback from near $52 a couple of weeks ago, to $43 last week.  I think that pullback is the opportunity a lot of new investors were waiting for.  If it continues to build momentum, then I think we will see NUGT blast off and possibly take out the previous high of $52.

I am putting my upside targets at $50 and $54 if this trade works as I think it will 

If I am wrong, I am setting a tight stop loss if NUGT closes below $42, which is the recent low in the trend.

Investors overlooked commodities, as they piled into tech and other earnings winners, the trade didn’t work out as I had hoped

My Trade Details:

• NUE May 12 2023 $155 call near $4
• Stop: Close below $144
• Target 1: $160
• Target 2: $165

My Reasoning:

I am still very cautious when it comes to trading right now. I think the markets are poised for a dip at any time, and I am prepared for that.

In spite of that, I think the path of least resistance is for the markets to slowly grind higher, and possibly even a big spike higher if tech earnings crush it this week.

NUE has made a very tradeable base around the $150 level.  My plan this week is to get started soon with a trade on the options I’m eyeing below in my game plan.

I also want to save room to buy more if NUE hits ~ $150, which is where I plan to add to this position.

If I am wrong, I will stop out if NUE closes under $145.

On the upside, I am looking for near $160 as profit target #1 and then $165 as the #2 level.

It will be an exciting week of trading. Make sure you are keeping an eye on things!

My Trade Details:

• MNDY Mar 17 2023 160 Call near $7
• Stop: Close below $145
• Target 1: $165
• Target 2: $180

My Reasoning:

Fueled by back-to-back strong earning results in the last two quarters, MNDY has been quietly becoming one of the top-performing stocks in the market over the last few months, as it has gained over 100% from the November lows.

MNDY just had a $20 pullback from the highs reached after the last earnings report.  I am using that as an opportunity to enter the trade at a great price.

If I am wrong, I will use the recent lows around $145 as my stop if the stock closes below that level.

If things go my way, I think we will see MNDY trade up to $165 and possibly even $180 as my two upside targets.

Quick update on SPOT from last week’s idea. I think that stock traded excellent most of the week, and only really slipped on Friday when the market overall pulled back.  It is still an extremely strong stock, and I think it makes sense to keep it on your radar this week as well.

Many Bullseye ideas continue to run weeks after I pick them, so don’t think the SPOT trade is “done” in any sense.  You should keep a close eye on strong trends until they are completed.

My Trade Details:

• SPOT May 26 2023 $145 call near $3
• Stop: Close below $137
• Target 1: $145
• Target 2: $150

My Reasoning:

As I look into my crystal ball this week, surprise, surprise, I see the QQQ grinding higher again, but not without some dips along the way.

That means I want to look to go long tech stocks this week.  My problem is that right now, there are a lot of tech companies being slaughtered for missing earnings, and a lot of companies are still waiting to issue theirs.

One tech stock stands out to me as the best this week, and that is Spotify (SPOT), which is my Bullseye idea of the week!

I plan to buy my SPOT options in two pieces.  I want to grab half 

sometime this morning.  Then, I would like to wait for dip to around $139 to buy more.

If I am wrong on this trade, I plan to stop out if SPOT closes under $137.

In a nutshell, LEN was pretty awesome. While the market was sloppy and ultimately traded higher, the options I told you about on LEN made a 150% move higher in a few days.

That is exactly how I plan every Bullseye Trade to go… though they don’t always work out that way.

My Trade Details:

• LEN May 19 2023 $113 call near $2.20
• Stop: Close below $107
• Target 1: $116
• Target 2: $120

My Reasoning:

This week, I am looking to make a bet that one of the strongest sectors will continue to charge higher, and that is with home builders.

My top idea this week is: Lennar Corp (LEN)

As I said, this will be an extremely choppy week for the markets.  When I do trade, I plan to trade with a smaller size than normal and give myself more room to stop out of a trade because things will likely be more volatile than usual.

I am looking for an initial dip on LEN to get started on my position.

I plan to add to this trade if LEN gets to around $109.