MTM Options Trader Newsletter | Look For Pullbacks in NVDA

[image](=) [image] This Week in the Market It looked like the S&P 500 was going to set a record high Friday, but the tables turned mid-session and stocks moved lower to close out the week. Despite the drop, the major indexes have had a very good half a year with Friday bringing a close to the second quarter. Of the three major indexes, the Dow is the only one in close potential contact to its 50-day moving average. Because of continued relative strength, and despite Friday’s pullback, a non-bearish outlook for the overall market still makes sense. Implied volatility and option prices ticked a tad higher with the selloff Friday. It will be a short week of trading with the market closed in observance of Independence Day as well as an early close on July 3. Trading volume should be well below average because of less trading and traders and investors taking additional time off. That said, there are several economic events crammed into the week, including the notes from the Federal Reserve’s last meeting and the June jobs report. In addition, a couple of Fed speakers are expected to talk this week, including the Fed Chair. Have a happy Fourth of July and enjoy some time off! Jul 1: Construction Spending Jul 2: JOLTS Jul 3: Jobless Claims Jul 3: U.S. Trade Deficit Jul 3: FOMC Minutes Jul 5: Unemployment [Read Our Blog](=) Look For Pullbacks in NVDA Not sure if you have heard about a little, old stock called NVDIA (NVDA). It has been the talk of the market for several weeks now. The stock has moved vigorously higher for quite some time, especially since the beginning of this year. Then the company announced a 10 for 1 stock split, which pushed its stock even higher before and again after the split. But as we know, stocks do not go higher forever, and recently the stock pulled back. As an option trader, this is a chance to take advantage of. Bull Put In this daily chart of NVDA toward the end of [Continue Reading …](=) MTM Watchlist Here are a few trade ideas we will most likely look at in MTM’s group coaching class this week: SPY – This ETF continues to treat us well. More 0-DTE trade ideas will be explored, such as iron condors, as well as vertical credits with longer expirations. NVDA – After pulling back, the stock has chopped around a tad. Look for more bull put and bear call spreads this week. COST – The stock was on a bearish run until recently when it dropped below some minor support levels. Potential bear call spreads will be addressed. [image](=) The strategies in this newsletter are for educational and informative purposes only. All information disclosed in this newsletter should not be considered complete in its entirety. Market Taker Mentoring, Inc. will not be held responsible for changes, oversights, errors or omissions. Dates, prices, news and other information may not be accurate. Please verify all information before trading. You alone are responsible for your own investment decisions. Options involve risk and are not suitable for all investors. Before trading options, please read Characteristics and Risks of Standardized Option (ODD), which can be obtained from your broker; by emailing investorservices@theocc .com; or from The Options Clearing Corp., 125 S. Franklin St., Suite 1200, Chicago, IL 60606. No statement in this newsletter is intended to be a recommendation or solicitation to buy or sell any security or to provide investment or trading advice. Traders and investors considering options should consult a professional tax advisor as to how taxes may affect the outcome of contemplated options transactions. Copyright Market Taker Mentoring, Inc. 2008 - 2024. All rights reserved. Reproducing or redistributing this content is a violation of federal law. [image] If you do not wish to be contacted via email, you can unsubscribe using this link: [Unsubscribe]( Unsubscribing from email notifications DOES NOT cancel your class, subscription or recurring payments. We recommend that current students do not unsubscribe from email notifications. If you unsubscribe from email notifications, you will not be notified on how to access the classes or subscriptions in which you are enrolled. Market Taker Mentoring, Inc. PO Box 117 Frankfort, Illinois 60423 United States