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!