First, let me just give a big shout out to everyone who joined our special Friday edition of Crush the Open as we took a victory lap for the MONSTER Amazon earnings play we discussed on Monday’s show (more on that below)!
We had a record crowd Friday and we can’t thank you guys enough — you are AWESOME! We’ll be back at it, ready to trade the earnings week ahead at 9 a.m. ET on Monday, Feb. 6. Please join us for the festivities if you can, or catch the replay on our YouTube channel — smash that “Subscribe” button!
This show is a labor of love for myself and Lance, and we can’t wait to see how big we can grow it.
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Crush the Open: Special Friday Edition
Back to Amazon.com Inc. (Nasdaq: AMZN)… We talked about AMZN on Monday’s show as one of the top earnings plays of the week, highlighting the AMZN Feb. 17 expiration, $110 strike calls, which were trading around $2 a contract at the open to start the week.
Those bad boys peaked at $8.38 on Thursday before the company reported… IF you took that trade, you could have nabbed a three-bagger — a gain over 300%.*
I even dropped a note in our Telegram channel that it would be wise to take some money off the table if you happened to take that trade…
This is of course for informational and educational purposes only, and there is inherent risk in trading, so trade at your own risk!
This was a perfect example of what we want to deliver on this show… First, we want to have fun, and then we want to talk trading, trading, trading. This isn’t about what could happen six months or a year from now…
We want to talk about actionable trade ideas in the right here and now. So that brings me to the Nasdaq’s MONSTER run and levels I’m looking to trade it…
Is it still buyable after this run up? I like to look at math proportions when things make a big move. For example, let’s say stock XYZ just ran up 100%.
When it pulls back, it’s not going to fall just 3%… It’s going to fall about 20% at least.
The Nasdaq went from around 10,730 in its December lows all the way up to about 12,800. So looking at a Fibonacci retracement before Friday’s open, the first pullback level is the 12,036, which is a big, big move — probably too much.
I think it could split the difference on a pullback, so let’s say around 12,400 would be a good spot to get long tech names if we do indeed get the pullback.
Again, trade at your own risk, have a great weekend and we’ll see you at 9 a.m. ET on Monday!
Are there any topics you’d like to see me cover or questions you’d like answered? Send me an email at jeff@joyofthetrade.com with your trading questions and I may cover them in a future video. You can also join my free Telegram channel, where I share market insights real time throughout the week, articles, videos and more!
*This is for informational and educational purposes only. There is an inherent risk in trading, so trade at your own risk.
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