Nearly doubling in just a week seem definitely qualifies as a quick grab. The jobs data last week led us to look for a a pattern that we have had some great success with. When we looked at how traders might react to lay offs at some of the big tech names we spotted a potential move in TQQQ, a leveraged ETF that tracks the NASDAQ. When we saw support forming and the MACD ready to cross, we looked a some call options. You can read the article here.
The Feb 17 call options with a strike of 20 were at .92 and have jumped up to 1.69 in just a week.
Now we are watching TQQQ to see if it finds resistance at the 50 day moving average. If we see that become support another call option might be another opportunity for a win.
If you are looking for other options that have a high probability of success, check out how Don Fishback dials in on options trades with a formula that identifies the trades with the highest probability of success. You can check it out here.
Keep learning and trade wisely,
Market Wealth Daily