SPOT – Your Bullseye Pick of the Week - Bullseye Pick of the Week
Quick update on SPOT from last week’s idea. I think that stock traded excellent most of the week, and only really slipped on Friday when the market overall pulled back. It is still an extremely strong stock, and I think it makes sense to keep it on your radar this week as well.
Many Bullseye ideas continue to run weeks after I pick them, so don’t think the SPOT trade is “done” in any sense. You should keep a close eye on strong trends until they are completed.
My Trade Details:
- SPOT May 26 2023 $145 call near $3
- Stop: Close below $137
- Target 1: $145
- Target 2: $150
As I look into my crystal ball this week, surprise, surprise, I see the QQQ grinding higher again, but not without some dips along the way.
That means I want to look to go long tech stocks this week. My problem is that right now, there are a lot of tech companies being slaughtered for missing earnings, and a lot of companies are still waiting to issue theirs.
One tech stock stands out to me as the best this week, and that is Spotify (SPOT), which is my Bullseye idea of the week!
I plan to buy my SPOT options in two pieces. I want to grab half
sometime this morning. Then, I would like to wait for dip to around $139 to buy more.
If I am wrong on this trade, I plan to stop out if SPOT closes under $137.