SNOW calls – Your Bullseye Pick of the Week - Bullseye Pick of the Week
My Trade Plan Details:
- SNOW Dec 22, 2023 $195 calls near $3
- Stop: Close under $186
- Target 1: $198
- Target 2: $208
Here’s how I traded it!
Trading is hard, but I managed to trade this one well, but they won’t always work this good.
My Reasoning:
As I have been getting ready for the coming week, I can’t help but remain bullish on the markets.
Everything in me says that we “are due” for a meaningful correction from the recent rally we just saw in November. But the market doesn’t care about my “feelings.”
It cares about price action, and right now, that seems to continue to head higher. There is not a great case I can make for why the technicals would break down this week.
I think the most painful trade is likely going to be higher from here as short sellers continue to leverage into bets against the market.
If stocks are going higher, then I want to go with a fast-moving tech stock near a breakout level, not something crawling off the lows.
I have to say, there is no lack of ideas this week. I could probably go with about a dozen different stocks right now that fit this criteria.
There is one that I am giving the edge to, however…