Options Portfolio Update – 2021-02-02
Current Long Options Swing Portfolio: $ACB, $CCL, $CLR, $GOCO, $HBI, $HL, $KALA, $NI, $PCG, $PINS, $SOLO, $SRPT
Newly Added: $BTG
Profits Taken: $NI
Stop-Loss Activated: NONE
Day Trade: NONE
$ACB, $CCL, $CLR, $GOCO, $HBI, $HL, $KALA, $NI, $PCG, $PINS, $SOLO, $SRPT, $NI, $BTG
I’m looking to this week to start paring my positions down. Earnings are still a focus and still a driver, so, I want to try to take advantage of some positive momentum in the market.
Still, even with the market up, my portfolio didn’t have the best performance today. For one, I had a case of FOMO with one ticker and didn’t take profits yesterday when I should have. And two, $NIO has been depressed, but with no real volume.
Day Trade:
NONE
Taking Profits:
NI
I picked up $NI almost 2 weeks ago. Though it moved a little here and there, it wasn’t until today where it finally did some moving. However, I had pulled back my target to the stall target on this one, for a 30% win.
Activating Stop Loss
NONE
New Holdings
BTG
Even without silver being in the spotlight, this mining ticker, which primarily mines gold, was on my radar. $BTG has a great balance sheet (e.g zero debt) and good revenue flow. And, it has earnings at the end of the month. And, with the added attention on mining stocks, and the consolidation around the $5 mark on the chart, it looked like a good play, so here it is.
My target is for a quick bounce to the next fib (and half dollar) to $5.50.
Holdings
ACB
Today, some politicians mentioned that they would be putting together a marijuana bill soon, and $ACB and some other cannabis stocks were beneficiaries in the market today. Should that momentum continue, it should hit the target around 14 in no time.
On my charts, there are a number of ‘double fibs’ in its current area that has provided for extra support and resistance. Today, $ACB pushed through one of these regions and bounded upward. And, after market action continued to take it higher.
CCL
$CCL twice hit resistance and bounced back at a Fibonacci line at 19.61 today. But, in each case, the VWAP made for good support, pushing the ticker higher.
Opening stocks are getting attention again, and my primary target here is about 24. However, should it not quite have that energy, 22 is my stall target.
CLR
This made it to my radar via a Finviz scan last week. It is currently using the 21 day EMA for support with the 33 day EMA closing in. In the last couple of advancements, the 33 day EMA seemed to signal the pop. So, I’m looking for that to happen later this week. If it doesn’t pop but fall through the 33 day, that will likely be the signal to get out. But, if it pops, primary target is still about 25.50.
GOCO
$GOCO had a nice little pop today, moving from one fib up to the next set. This area has served as strong resistance for the last few days, so I’m looking to see if finalizes the break above these to continue on up.
My target is just under a 38.2% retracement at 16.20, with a stall target around 15.10.
HBI
Though $HBI finished the day relative flat from close to close, it showed life and spent most of the day pushing at the resistance at a 78.6 extension (15.43). After market, there was some wild price swings, with each of those candle’s being green. So, we’ll see if it can break through that resistance and move higher.
My current price target is a stall target around 16.50. If it shows more strength, 17.70 could be back into play.
HL
I paid too much attention to the hype around silver and not enough to some fundamentals. Yesterday, $HL popped with the run on silver. I set my initial target waaayyy too high. And, from there, made generally bad decisions on taking profit at a few points during the day. For the last hour, I put a trailing stop in place, but it never came down to meet it and sell (2 pennies off at the end). I should have followed my plan to let this be a 1 day trade, period.
But, today, it came back down to where it was before, and now I’m readjusting my plan to get something out of this.
KALA
This is a long term play, but I’ll still take my profits when it hits target (target is at 10).
This showed life today, as it burst its way through an area of closely packed fib lines cluttering up my chart here, and though it came down a little from its peak, it held the topmost of those lines as support in the after session. I’m waiting for a good catalyst for this to pop, but I’m definitely happy with getting past that immediate minefield.
NIO
Does the matrix currently have it in for $NIO, or is that Neo?
Even after recording good monthly sales numbers, $NIO remains depressed. In a way, given the current political environment, it would seem to make sense that EV plays would be a nice target. However, for the last week, that hasn’t been so.
It could be a victim of general market right now, with so much attention elsewhere. Given that the volume during this red stretch has been well below the 50 day average (today was less than half), it seems to support that. The red volume seems to lack the conviction to push this down further.
From a chart perspective, it has been holding a 78.6 line around 55.70 as solid support. The 200 hour SMA is now approaching that support line, and the couple of times that a wick hit that line, it has bounced up quickly.
So, I’m looking for this to move forward again within the next couple of days.
PCG
Since hitting strong support last week, $PCG has been steadily moving up a bit each day since. Though still not green, it is looking a little better each day. The next resistance line is at 11.90, which it briefly bounced against in the after market.
Though I did get an expiration date a little further out, I’m not infinitely patient, so I am still watching this for a sign that tells me that I need to cut my losses.
PINS
$PINS has earnings on 2/4 after the market closes. It is now within those final few days before it reports, and it is starting to jump. My current target is a touch under 80 (which is a little over a 161.8 retracement. But, I will be out of this before close of market on Thursday.
SOLO
$SOLO was one of my long term plays, but it looks to be starting to come to life, which means its consolidation at the currently levels may be just about done. So, time to watch where it wants to go.
SRPT
Remember where I had FOMO above, this was another play where I had FOMO too. I should have taken profit a couple weeks ago after a quick run-up, but didn’t.
This biotech has at least one catalyst this month, as well as earnings. Additionally, given its current revenue pipelines, it was beat down too much with the news from a few weeks ago. I still look for this to start moving up to fill a chunk of that gap.