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Weekly Position Updates / Extreme Trade Updates (9/3/18)

Extreme Trade Updates (9/3/18)

September 3, 2018

The following trades remain on hold:

Applied Materials (AMAT) stock — $49.90

AMAT currently trades at $43.02.  Continue to hold.

Canopy Growth (CGC) $29.75 and $29.66 — exited half of each position

It’s time to take our wins on Canopy Growth (CGC).  The stock is now up to $45.72 and is overdue for a near-term correction.  Instead of risking our returns, sell both CGC positions here to secure the win now.  Congratulations on a quick win.

iQIYI Inc. (IQ) stock – $30.85 entry
IQ September 21, 2018 35 calls — $3.50 entry 

IQ now sits at $28.90 a share.  Hold both trades.

Okta Inc. (OKTA) stock — $51.25 entry

OKTA is now up to $61.83 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 $263.51 and remains a hold.  We have a near-term price target of $280.

Raytheon (RTN) — $187.12

RTN is back up to $199.50.  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 $35.18.  We may look to take wins on the call options shortly.  Stay tuned.

Facebook (FB) stock– $175.84
FB September 21, 2018 180 calls — $4.80

The stock is now up to $175.80.  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 just bounced to $52.52.. 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.