Looking to the SPY Amid Earnings Drought

Leaning on the SPY:

We started off the fresh trading week yesterday on fairly decent footing. We formulated a batch of three options ideas in yesterday morning’s premarket report, a couple of quick-strike plays and a longer-term idea. Both of the near-term targets looked pretty good for us on the day.

Those plays were the SPY 09/19 $385-383 Puts and the TTWO Weekly $119-121 Calls , with the latter producing larger gain opportunities by a fairly large margin as you can see here. We’re going to stick with the strategy of going bearish on the SPY once again today with a fresh target range that you can find below. We may find ourselves looking to the SPY more and more as the present earnings dry period persists.

SPY 09/19 $385-383 Puts
$385: .70-2.00 (+186%)
$384: .50-1.46 (+192%)
$383: .34-1.02 (+200%)
_____

TTWO Weekly $119-121 Calls
$119: 
3.50-4.00 (+17%)
$120: 3.40-5.23 (+54%)
$121: 2.40-3.50 (+46%)


Fresh Options Ideas:
SPY 09/21 $386-385 Puts
APOG 10/21 $40-45 Calls
GIII 10/21 $15-17.50 Calls


Extended Watchlist:
VRAX, MGAM, RCOR, INSW, CYDVF, BERI, BRLL, GOCOF, ATMH

LTUM Recap & More

Lithium Corp. LTUM – Recap 

It was just this past Thursday that we mentioned LTUM on our watchlist and we are circling back today to report the solid move it has made since then. We always try to sprinkle in a few OTC plays despite our primary focus generally tending toward options these days. We are right in the middle of an earnings dead-zone, so it was helpful to have a play like LTUM on our radar.

The stock, from its initial low of .165, hit a new high of .33 during yesterday’s session. That represents a double bag increase of 100% in the span of just 3 trading days.


Fresh Options Idea:
SPY Weekly $340-341 Calls 


Extended Watchlist:
AAGC, HNCKF, TLSS, BBXIA, CYDVF, PMPG, MXSG