After a pause on the 10th, the market had a powerfully bullish day yesterday on average volume. I’m looking for more upside today.
$DIS: 25 shares. Current Status: +.91%. Plan: sell at Target 1: $113.16. Disney looks to have bounced off of it’s ascending trend line and is set to run. Earnings: 6 Feb
$HD: 2 February $195 calls. Current Status: +6.16%. Plan: Trim 1 call on the way to Target 2: $202.27. Home Depot had a nice strong day pushing above the stagnancy of the last few days. This ought to be the start of another leg up. Earnings: 13 Feb
$IWM: 2 March $157 calls. Current Status: +52.21%. Plan: Trim 1 call at Target 1: $158.28. Big breakout today. Lot’s of room to run. I like this position. Earnings:
$WMT: 2 March $100 calls. Current Status: -8.55%. Plan: Trim 1 call at Target 1: $103.85. Walmart filled the gap and then back tested. I’ll be watching it rather closes as it needs to show it can break out. Earnings: 15 Feb
What I’m Watching Today:
$CAT: This one is a bit risky since it passed it’s first target, but the stock has been so strong, it’s difficult to ignore. I’m thinking of either buying 1 ITM call or buying a couple of OTM calls with a target of $175.81.
$JNJ: Johnson & Johnson closed above the “breakout” line yesterday. I’ll be watching on the 5min chart for a close above the first 5min candle before getting in. I think this play has some good potential to run. Target1: $148.63 Target2: $154.01.
$MMM: 3M has been a very strong stock in the intermediate term and showed strength yesterday after a weak Wednesday. I don’t expect to get into this trade today, but I’ll be watching for a close above the “breakout” line of $244.19.
$SBUX: Starbucks is back on my radar and is setting up for a breakout. Again, I’m not crazy about this stock due to over head resistance, but I will keep an eye on it. Target 1: $61.13 Target 2: $62.58