Although the indexes are down slightly, it was nearly a given they would retest support that served as prior resistance. There are a lot of stories we want to talk about today but we have some trades in play and we are looking at adding to our portfolio.
We have a NEW TRADE on a stock that is breaking down like a rented mule so we are going to press early as we want to add some “protection” to our portfolio for when (and if) the market pulls back.
Our near-term target is for a test to $85 but if $80 fails, shares could test $60. The stock is currently at $90 and we could easily make 100% or more with the put options we are recommending.
As we head to press, the Dow is 36 points to 13,999 while the S&P is lower by 8 points to 1,523. The Nasdaq is getting dealt BlackJack (down 21) and is at 3,192.
Subscribers, check the Members Area for the New Trade/ current updates and we will be back in the morning with a full report.