NVDA Puts – Your Bullseye Pick of the Week - Bullseye Pick of the Week
My Trade Plan Details:
- NVDA Nov 3, 2023 $430 puts near $7
- Stop: Close above $470
- Target 1: $435
- Target 2: $420
Last week was a great example with my ERX trade idea. While the market had another bad week, that trade hit my target price at the end of the week for another nice winner for anyone that decided to trade it.
This week, I am not very confident in the market and I think we will see things lower as the week goes on.
The bulls are clinging their hopes and dreams on to the coattails of AI stocks right now, and praying they will save the market.
I do not have as much faith in that trade anymore, and I think the rallies will be short-lived.
This week, I am looking to bet against the biggest player in the AI space.
My Bullseye pick this week is to short Nvidia (NVDA)
For NVDA this week, I would like to see the stock bounce higher, so I can get a better price on the puts I want to buy. That might not happen, so I plan to start with a small position sometime today, and then wait for a bounce to near $460 to add to this position.
If I am wrong on this trade, I will stop out with a closing price above $470.
If things go my way, I plan to look for a breakdown to around $435 as target #1 and then $420 as target #2 to profit.
I will also be setting up a higher-probability option-selling version of this trade for Alpha Hunter members today as well, so keep an eye out for that if you are a subscriber.