ELF options up icer 170% in just 1 day!

My Trade Plan Details:

• ELF June 21 $200 calls near $4.00
  
• Stop: Close ELF below $180
• Target 1: $195
• Target 2: $210

My Reasoning:

After a rocky end to last week, the markets had an epic final hour of trading on Friday, nearly erasing all of that day’s heavy losses.

It looks like the optimism is continuing into this week, but I am not convinced it will be smooth sailing.

Markets have been up nearly every Monday for quite some time now.  When is the last Monday you recall when it opened red?

That said, I have to give the benefit of the doubt to the bulls right now, and I will stay in “buy mode,” at least until the market tells me otherwise.

There are a lot of stocks on the verge of breakouts right now. I think that is a very healthy thing to see overall.

In fact, one of my favorite stocks has a great breakout setup that I really like right now.

I have picked this stock as a Bullseye pick a couple of times in the past, and I am looking forward to buying it again.

My Bullseye pick that I want to buy this week is (ELF) calls.

If this trade doesn’t work out for me, I will look at a closing price under $180 as my stop loss, which has been a key support level.

If things go my way, I think ELF could trade back up to $195 relatively soon, and if it can manage to break $200, then I think we could see a nice move to $210.

My goal is always to try to take a lot of my position off the table when I get to the 30-50% profit level. It doesn’t matter if it happens in minutes or days for me.