Welp, I’m starting today, and thus this month, on a negative foot. I don’t say the wrong foot because, actually, I’m at the computer before 8:30 and have already “meditated” and am ready to work. I say the “negative” foot because I wanted to get up at an earlier alarm so that I could get my weekly/quarterly review done before the markets opened this morning, but I woke up tired and groggy, and slept longer than I should have…. I’m just so very frustrated all the time. But I know this, and I’m not going to let it affect my trading. I have an edge, I just need to remain open to what the market is giving me and be ready to enter when opportunities arise!
CHPT’s option that I’m in reached .5R on Thursday. I had a trailing stop set, but it was only set for the day, so it expired Thursday afternoon. I didn’t necessarily want to get stopped out early on a Friday due to some whipsawing, so I just monitored for the most part on Friday and today, I’m going to look to putting that trailing stop back on. The underlying, pre-market, is up a decent amount right now, so that shouldn’t be a problem. I’m still working on my exits, but for now, the $0.20 trail feels comfortable to me.
PRPL on the other hand hasn’t quite gotten to areas where I’m looking to exit, but it’s still weak overall, and will continue to monitor. Hopefully I’ll be setting that trailing stop soon.
And now the markets are open, CHPT gapped up and is pulling back a little, but I anticipated that. I’ll let things breathe for about 10 minutes then add in my order. In the meantime, I’ll look at my watchlist.
My watchlist only had 16 stocks on it this morning, which is good because it was a manageable number, but I was expecting a lot more. Of those, there were only 2 I kind of liked, and even upon more analysis of those, I didn’t see any great entry points and targets. I could make a case for SNAP, and I might, but nothing’s looking amazing.
I think I might take a little break, maybe force myself to write or something (after using the bathroom .. Idk, what to write about or anything, but it’s a practice I want to get into), and then revisit the markets in a couple of hours — after running SNAP numbers. I’ll update this with my SNAP analysis, and then after my break only if I see something else. Overall, I might just about be finished with my trading day for today.
SNAP’s options are too expensive. The cheapest I’ve seen are for over $3.50 ($350). I could trade this with a stop loss, but it feels a little forced. I’m not super convinced on this movement anyway as it gapped up and dropped for the first couple of hours of the day. Price is pushing up now, but it’s still off of the highs of the day. I guess I’ll set an alert to at least look at this again if it gets up to those breakout levels. Oh, actually, the other negative is that my target is only up to $42, and none of the options I saw were price within my break-even level.