My Trade Plan Details:

• QQQ Sept 1, 2023 $365 call near $3.80
• Stop: Close under $356
• Target 1: $365
• Target 2: $370

BONUS Call Spread Idea:

QQQ Sept 8 sell $360 call & buy $370 call for $4.50 net debit.

My Reasoning:

Instead of going after any individual stock, I am going to go after the tech index, and buy QQQ calls as my Bullseye pick this week.

My plan for QQQ this week is to start with a half-sized position near the market open.  I would then like to add to this if QQQ gets back to $358 level.

Remember, we have a couple of significant events this week.  The first is NVDA earnings on Wednesday evening.  I really want to be out of at least half of my trade prior to that earnings announcement.

The other is Powell talking in Jackson Hole on Friday this week.  I expect him to try and calm the bond markets, which should also benefit the stock market.

I really think we have a great 3-day window on QQQ before NVDA on Wednesday this week, so I want to make the most of it.

If I am wrong on this trade, I will stop out if QQQ looks to close under $356 level.  That is a very tight stop, but I do not want to see the lows from last week get taken out.  If that happens, I will walk away with a small loss.

On the upside, I think we could see $365 in short order followed by $370, which is the upper end of the Keltner channel on an hourly basis.

It is going to be a fun week of trading…I hope you are ready for it!