Weekender for 8/7
1. Market Summary
Slower Session as the Wednesday Rush Cools
– Slower session as the Wednesday rush cools Thursday ahead of the jobs report.
– China overreacts according the Administration.
– BOE surprises with a rate hike, US Fed members continue to promise no pivot this year.
– Jobless claims, continuing claims rise, data still less than good, and the market still does not care.
– Jobs report reaction, beat or miss, tells the market’s character and whether it holds or is shifting.
‘Twas the session before the jobs report and the market was pensive. Half of the indices higher, half lower. NASDAQ and SOX led again, though muted. S&P 500 and RUTX are on the brink of testing the June highs, and they both faded modestly, showing doji. NASDAQ and SOX continued their leadership roles as they showed a doji as well, but doji with gains.
NOTE: The figures and information above are from the 8/5 report.
Watch the Investment House Videos For This Week Here!
NOTE: The videos are from the 8/3 report.
2. Targets Hit
Blink Charging Co. (NASDAQ: BLNK): BLNK came up off of the June low to the 50-day MA during the third week of June. From there, BLNK hung around the 50-day MAs, forming a four-week triangle. It broke higher on July 20, and that was our signal to enter. We issued the alert to buy for our Investment House Daily subscribers, and when the alert hit seconds later, the stock was trading for $18.56. The September $18 call options we wanted were asking for $2.38.
BLNK surged higher that session, then backed off to close at $18.50. The next session brought a strong upside move with BLNK powering over $20. Looked great. The next session, not so much.
BLNK dropped most of the prior session gain. It bounced up off the 50-day EMA the next session, closing flat — not bad as buyers came in at the 50-day EMA and jumped the stock back up. That worked. The very next session, however, BLNK again blinked, falling just below the 50-day EMA.
Fortunately, that was the extent of the fade. BLNK gapped higher for a gain. The next session on July 28, BLNK gapped and surged up to near $22. That session we banked our first gain, 11.3% on the stock, 53% on the options.
We let BLNK work as the move that session was strong. BLNK apparently used up a lot of its charge on that move because it was flat the next day and had to work to keep flat. It then edged higher this past Monday and followed that move up with a run to the 180-day MA Tuesday.
A modest gain on Wednesday over the 180 day MA that then started to slide, slipping back below the 180-day. That was enough. We issued the alert to sell the rest of the position. The stock traded at $22.07 for an 18.9% stock gain. The options traded at $4.70 for a 97+% gain.
We also banked gain in the following positions:
Marvell Technology Inc. (NASDAQ: MRVL): 50% gain in the options
Omeros Corporation (NASDAQ: OMER): 25% gain in the stock
Exxon Mobil Corp. (NYSE: XOM): 72% in the options
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Chevron Corporation (NYSE: CVX): We banked the rest of the 58.7% in the CVX options in Technical Trader Alert.
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Marvell Technology Inc. (NASDAQ: MRVL): During the June to early July selling, MRVL formed the first part of an inverted head and shoulders pattern. It formed the right shoulder into mid-July, breaking higher through the 50-day EMA on July 19. After that break through resistance, MRVL came back to test that move. It fell back through the 50-day MA, but it was not fatal.
We continued watching it for addition into Rapid Profits Stock Trader, and it broke back over July 27. It continued higher the next session, and we used that as our entry signal. We issued the alert to buy, and it was trading at $53.90 when the alert hit.
From there, it was just letting it work. MRVL climbed higher each session except for August 1, hitting our target just below the 180-day MA on Wednesday August 3. We issued the alert to sell at $56.91, booking a solid 5.58% gain.
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3. Covered Call Options Play
Canadian Solar Inc. (NASDAQ: CSIQ) — Canadian Solar Inc. is currently trading at $37.32. The Aug. 19 $38 Calls (CSIQ20220819C00038000) are trading at $1.95. That provides a return of about 8% if CSIQ is above $38 by the expiration.
