The 10/19 $9 Calls that we mentioned yesterday morning opened up significantly as we expected they would. After the subsequent consolidation which brought the price back to 1.05, we saw a spike to as much as 1.55 as you can see on the chart below. That was good for a possible intraday gain of 48%
With roughly a month left until the expiration of these contracts, there’s plenty of time for the stock to regain some of its recently lost ground and potentially fill the gap on the chart up to the $11-range. With the kind of drastic stride it made yesterday (jumping from the $8-range to the $10-range) we’ll also need to be wary of possible pullbacks filling that gap to the downside.
Facebook Inc. FB
As FB has recently been approaching its 52-week highs, we’re interested in weekly Calls, especially if the stock can break the $46 barrier. In that event, we’d be looking at in-the-money Calls like the 09/21 $45.50’s. On the flipside, if the stock fails to push past $46 we would be looking to flip the $46 Puts as a pullback would push them in-the-money.
GreenGro Technologies GRNH
This is another marijuana related stock that we’ve tracked for quite some time. GRNH has made some nice moves over the past several weeks, and is currently in consolidation mode as it has been coming off of its most recent spike. We are keeping a close eye on this one for a potential bottom play. If it can maintain support above the 50DMA of .042 we like its chances of seeing a nice rebound in the future.
Extended Watchlist:
NEWL, DNDN, ATOS, ZQK, IDRA, PCWT