Good morning, traders…
I went to a wedding over the weekend. Beautiful setting, lovely couple, lots of people in pastel linen and uncomfortable shoes.
But there was something I couldn’t help notice…
$20,000 for the ceremony, and the meal was half a ham sandwich.
I’m not kidding. A literal triangle of deli meat and bread.
No shade to the couple. They were being financially responsible. But it sure felt like an inflation check in real-time.
It made me think about the concept of value in options trading. What we’re paying for vs. what we’re actually getting.
In trading, that disconnect can be expensive if you’re not careful.
But this week, we’ve got a full buffet of setups.
Here Are 12 Smart Money Options Setups You Need To Be Watching Right Now…
Last Friday’s jobs numbers sent shockwaves through the market as June non-farm payrolls were revised down from 206,000 to 188,000, and May was revised from 218,000 to 108,000.
128,000 jobs … gone.
This matters because of the Fed’s “dual mandate” — low inflation and low unemployment.
A weakening job market is bad for the economy, but it may lead to rate cuts, which would be bullish for the stock market.
Keep your eye on the Fed speakers: Bostic, Collins, Cook, and Daly. They all have scheduled talks this week.
ISM Service numbers drop Tuesday. If that number crosses above 50, expect to see more Smart Money action in names tied to economic growth.
I’m watching the SPDR S&P 500 ETF Trust (NYSEARCA: SPY) for a break above $526.50. If it can’t hold, we’ll look to the downside.
Same with ProShares Ultra VIX Short-Term Futures ETF (NYSEARCA: UVXY). It’s a hedge, but if it can’t stay above $19, I’m out.
12 Promising Setups
Last Friday’s dip laid out some fascinating pullback setups for those paying attention…
Novo Nordisk A/S (NYSE: NVO): Watch for a break above $49.50 for a run into earnings tomorrow.
Contracts to Watch: August 8 $51 calls
Blend Labs Inc. (NYSE: BLND): A big buyer dropped $250,000 on August 15 $4 calls. The chart needs to break $3.70 to be in play.
Contracts to Watch: August 15 $4 calls
Marathon Digital Holdings Inc. (NASDAQ: MARA): Support held at $16. Watch for a move above that level.
Contracts to Watch: August 22 $16.50 calls
Five9 Inc. (NASDAQ: FIVN): Long-dated action on December $27.50 calls. Needs to clear $25.50 for the move.
Contracts to Watch: December $27.50 calls
Reddit Inc. (NYSE: RDDT): Watching for re-entry above $193.
Contracts to Watch: August 9 $195 calls
Rocket Companies Inc. (NYSE: RKT): Holding long, looking for a breakout above $17.15.
Contracts to Watch: August 15 $16 or $17.50 calls
Alphabet Inc. (NASDAQ: GOOGL): Still holding. Watching for a bounce above $190.80.
Contracts to Watch: August 8 $187 calls
Advanced Micro Devices Inc. (NASDAQ: AMD): Looks ready above $175.
Contracts to Watch: August 15 $185 calls
Salesforce Inc. (NYSE: CRM): Watching both the $255 calls and price levels at $150 and $153.50. Support or breakout play.
Contracts to Watch: $255 calls
MicroStrategy Inc. (NASDAQ: MSTR): Huge volume in August 8 $390 calls. Needs to break $380.
Contracts to Watch: August 8 $390 calls
Nvidia Corporation (NASDAQ: NVDA): Eyes on the August 8 $180 calls. Watch for a break above $176.
Contracts to Watch: August 8 $180 calls
Amazon.com Inc. (NASDAQ: AMZN): Watching for a reclaim of $219.
Contracts to Watch: August 8 $220 calls
I just gave you a smorgasbord of ideas. But don’t try to track all of them…
Pick your favorite setups. Set price alerts. Let the chart confirm the idea before you enter.
Happy trading,
Ben Sturgill
P.S. Since launching my OMEN Scanner, I’ve achieved an 89% win rate with a 72% average gain…*
My top 120 trades have all generated 100% or higher. 27 soared above 200%, and 12 exploded beyond 300%…*
But my biggest trade yet could be setting up RIGHT NOW.
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*Past performance does not indicate future results
