Extreme Trade Updates (1/7/19)
January 7, 2019It was supposed to be one of “the most wonderful time of the year.”
Instead, 2018 was one the most volatile ones on record. And one that many of us wish we could forget. However, it appears that much of the negativity is priced in. And there are hopes markets could stage quite a rebound in the year ahead.
Here’s what we continue to hold.
Johnson & Johnson (JNJ) January 18, 2019 130 put — $4.25
JNJ February 15, 2019 130 put — $6
Johnson & Johnson continues to plummet following the Reuters story on asbestos claims. We recommended these two positions after closing out the JNJ December 145 put for more than 405% returns. The JNJ January 2019 130 put ran from $4.25 to $8.35 the other day, where we exited half of the position. The JNJ February 2019 130 put ran from $6 to $9.62, where we also exited half of the position. Hold the second halves of each a bit longer.
Best Buy (BBY) — $63.75
BBY January 2019 65 calls — $2.90 — exited half at $4.20
Unfortunately, BBY got swept up in the market volatility, and fell apart. The good news is we already exited half of the BBY January 2019 65 calls for wins just weeks ago. Let’s exit both positions here today for a loss. We’ll look to jump back into the oversold stock at a later date.
Target (TGT) — $68.50
TGT January 2019 70 calls — $2.75
The stock now trades at $66.70. Both positions remain on hold at this time.
Activision Blizzard (ATVI)– $50.55
ATVI January 2019 52.50 calls — $2.35
While the stock did pull back to $47.20 in recent days, we continue to hold. It’s still aggressively oversold at this time.
Viking Therapeutics (VKTX) — $11.65
This stock was recommended on November 12, 2018 and remains a long-term hold. It last traded at $8.25.
MedMen Enterprises (MMNFF) — $4.25
We recommended MMNFF at $4.25 as we near Canadian legalization. After testing $5.72, it has since pulled back to $3.47. Continue holding with a long-term target of $10.
Adobe Systems (ADBE) — $248.96
The stock now sits at $229.72 and remains a hold. We have a near-term price target of $280.
Raytheon (RTN) — $187.12
RTN is now trading at $153.74. Hold the stock with a near-term price target of $210.
Twitter (TWTR) — $32.68
Hold the stock. It’s aggressively oversold at a current price of $30.24.
Barrick Gold (NYSE:ABX) — $10.25
ABX January 18, 2019 10 calls — $1.01
As gold begins to rebound higher, related stocks are beginning to push higher. We have a near-term price target of $14 on ABX. It last traded at $13.54. We exited half of the calls just the other week, as they traded at $2.83. Hold the second half of the calls and the stock for the time being.
Goldcorp Inc. (NYSE:GG) — $10.84
GG January 18, 2019 11 calls — 78 cents
The stock is down slightly at $9.75. We continue to hold on oversold conditions.
OrganiGram Holdings (OTC:OGRMF) — $4.98
As the marijuana story heats up on corporate interest and Canadian legalization, stocks such as OGRMF should continue to push higher. It last traded at $4.28.
Kroger Company (KR) — $29.65
KR is still oversold, now trading at $27.80. It’s a hold at the moment.