T3 Live
Shares

Scott Redler’s Dog Bytes: Top Gun Trading

Shares

SPX futures -20 and I think a little digestion would be constructive. If this market is any good, it will stay above 4030. To keep momentum, it has to hold 4075-4090 in the next few days. I participated long here as SPY reclaimed $390 and cleared $395 last week. I put on a hedge on Friday that got a little painful on that strong close. I got converted short from my calls, so this down open is helping me. I already covered a bunch of SPY at $412.50ish. If this market wants to go higher in the week or so ahead, it will hold $404-$408 in the days ahead.

AMC: I bought last Wednesday because I predicted Top Gun would be huge. And it was! I bought the stock around $11.88 plus some options. AMC is up another 9% and I’ll trim. $18ish is the next level to watch. $18ish is the next big level.

MBIO is a long-term name, not a trade. It’s been tough but has good news and it’s building. Maybe if XBI gets better, this will also act better.

CVX is a strong stock in the energy sector. I bought some last Monday and I added as it cleared $173.50. It's at $180 this morning. I will probably sell my stock and keep my last third of calls.

SLB: I bought Tuesday for a break above the $44 pivot. It hit $48.41 and I sold mine. It's a bit extended here. Trim some if you’re long.

Positions Disclosure as of 5/31/2022 at 9:06 a.m. ET

Previous Post Coffee With Greta: Oil Prices Jump, Stocks Slump Next Post The Market Bounced Because Time & Price Cycles Aligned