New Options Ideas
After a relatively subdued half-day to close out the short week on Friday, we’re going to wipe the slate and start fresh today with a couple of options ideas. Based off of our initial scans and the premarket activity, we think each of these plays has the potential to help us start the week on a high note.
AngloGold Ashanti Ltd. AU – For this one, we’re attracted to the positioning on the chart, where, as you can see below, the stock has just begun to rebound off of its lowest PPS in roughly 9 months. Add that to some bullish premarket activity, along with a number of ripening indicators, and we’re very interested in the possibilities.
We’re going to be focusing in on the AU 1/20 $11 and $12 Calls, which gives us more than enough time to see the extended recovery we’re looking for.
Cognizant Technology Solutions Corp. CTSH – Our interest was roused by CTSH in this morning’s routine scan, and it too is currently in a favorable position on the chart, coupled with an appreciable premarket gap-up which could lead to a strong session performance.
For this one, we’re going to be looking at the CTSH Weekly $57-60 Calls.
Lithium Exploration Group, Inc. LEXG
Here we have another prime bottom-play with LEXG, which has managed to put together a pretty good rebound off of 6-month lows over the past few sessions.
Currently trading at a low multiple around .0025, we’re looking at a stock that ran from similar levels to over .02 back in August. Even a fraction of such a move from current PPS levels would equate to sizable gain opportunities, so we’ll be putting LEXG on watch in the days and weeks ahead.
CollabRx, Inc. RNVA – This one belongs in the bottom-bouncer category as well. RNVA is coming off of its recently established 52-week low, and appears to be geared up for a continued comeback. We’re going to have this one on close watch as well.
All-Cannabis Extended Watchlist:
AMMJ, TRTC, MJNA, MCOA, CNBX, HEMP, VAPE, AGTK, MJTK