Extreme Trade Updates (8/27/18)
August 27, 2018The following trades remain on hold:
Applied Materials (AMAT) stock — $49.90
AMAT currently trades at $43.58. Continue to hold.
Canopy Growth (CGC) $29.75 and $29.66
The stock is now at $46.32 after Constellation Brands increased its stake in the marijuana company by $4 billion. Considering selling half of each position to secure wins. Be sure to hold the second half of each CGC trade, especially as we near Canadian legalization of marijuana on October 18, 2018.
iQIYI Inc. (IQ) stock – $30.85 entry
IQ September 21, 2018 35 calls — $3.50 entry
IQ now sits at $31 a share. Hold both trades.
Okta Inc. (OKTA) stock — $51.25 entry
OKTA is now up to $59.78 and remains on hold at this time. We already exited the calls on this trade for a win.
Adobe Systems (ADBE) — $248.96
The stock now sits at $262.95 and remains a hold. We have a near-term price target of $280.
Raytheon (RTN) — $187.12
RTN is back up to $201.36. Hold the stock with a near-term price target of $210.
Twitter (TWTR) — $32.68
TWTR September 21, 2018 33 calls — $1.85
TWTR is just beginning to rebound and pivot higher. It now trades at $34.91a share.
Facebook (FB) stock– $175.84
FB September 21, 2018 180 calls — $4.80
The stock is now up to $177.87. Both trades remain on hold at this time.
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 $11.50 on ABX.
Micron Technology (NYSE:MU) — $49.85
MU October 19, 2018 52.50 calls — $2.46
MU is rebounding after testing $46. If the stock can break above prior resistance at $53, we believe the stock could push to $58 shortly. Hold.
Weight Watchers (NYSE:WTW) — $73.87
WTW October 19, 2018 80 calls — $2.85
Still oversold, we have a near-term price target of $92.50. That would refill its bearish gap from August 6, 2018. Hold.