SPDR S&P500 ETF (SPY) – Options Ideas
We’ve now had two consecutive sessions of gains for stocks following a weeks-long downtrend, and are eager to see if this reversal of fortune has a more lasting effect. With a high degree of uncertainty at play, and the potential for volatile swings in either direction, we’re going to signal two opposing sets of ideas in the SPY chain, to set ourselves up for any eventuality. We may even see a case of another dip-and-rip kind of session, where we play one set early on and another later in the day.
Our two sets of ideas are going to be the SPY Weekly $248-249.50 Calls*, and the SPY Weekly $251-250 Puts*. If the SPY can get above the premarket high of 251.16 during the session, we’ll look to our bullish ideas. Failure to do so, will cause us to track the bearish ones. Either way we should have good opportunities laid before us by the SPY today.
Tesla, Inc. TSLA – Options Idea
We’ve also formulated an idea for the TSLA chain. Tesla stock is getting another boost this morning after proposed additions to the board of directors, including Larry Ellison, the founder of Oracle Corp. (ORCL), are being very well received by investors.
We’re going to track the TSLA Weekly $322.50-327.50 Calls* on the heels of this announcement.
*NEVER trade options with a weekly expiration on a Friday unless you are an advanced level trader with disposable funds!
QTM, TRVN, BHF, SFET, HSGX, BPMX, OPK, NMFC