Last Thursday, we mentioned that we were looking into the SPY 153.50 Calls as we saw the SPY gapping up. They traded as low as 1.04, and ended up closing at 1.45. Then on Friday, they opened over two dollars, hit 2.09 in the first ten minutes of trading, and by later that afternoon had pulled back to 1.28. We then saw a subsequent run to a new high of 2.13. Savvy traders could have flipped the SPY 153.50 Calls twice in as many days, with gains totaling more than 150%
We are looking for a consolidation from the SPY in the beginning of this week, and plan to revisit it later in the week for a bounce.
Xtreme Oil & Gas, Inc. XTOG &
Sun River Energy, Inc. SNRV
These two oil & gas plays hit our scanners recently. The energy sector is remarkably hot right now, and here are just a couple of related stocks that are maintaining our interest as we begin this new trading week.
After each made significant moves last week, we are going to be on the lookout for continued momentum and/or bounce plays moving forward.
Liquidmetal Technologies, Inc. LQMT
This is another stock that we pulled off of our scanners this weekend. The action on Friday pushed the stock above its 20DMA. We are looking at the nine-cent 50DMA as the next key level of resistance, and if it can push past that, we feel it could go back to .105, a recent swing-high from a couple weeks back. We’d like to see support continue to hold in the .07-.08 range.
Peregrine Pharmaceuticals, Inc. PPHM
PPHM is a big board stock that has done exceedingly well for us on several occasions, dating back to early last year when we first began tracking its movements.
During Friday’s session session, PPHM showed strength as it cracked through its 200DMA at 1.50, which is a bullish confirmation. We’d like to see that level hold as support. The next key resistance sits at the 50DMA of 1.78.
The MACD is kissing, and appears ready to converge for a cross, and the RSI is steadily strengthening, touching the 50-line as it makes its way up towards the power zone.
VDSC, JALA, PMEA, TRLR, CEDC, CLSN