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- Today’s BONUS pick RIOT Calls
Good morning members and happy Monday, here we go again.
Market are coming off a huge upswing as the Election has passed, the Fed gave us another quarter point rate cut (and prepped us for probably another quarter cut in December) and we start looking ahead to NVDA earnings coming up on November 20th.
Speaking of NVDA, it sure has gone on one heck of a run lately and I wouldn't be surprised if we saw a strong run into earnings. Who knows, maybe $150s before earnings isn’t that far out of the question right now.
I guess my only concern here would be can NVDA keep up this blistering pace of revenue and amazing guidance?
One thing to watch for is how their new Blackwell GPU chips will be discussed. Rumor is the backlog on orders is just crazy here, matter of fact I just read they were sold out until the end of 2025.
Speaking of things that are running wild, how about Bitcoin. Trading in the $80k range over the weekend with a lot of discussion and buzz around $100k on deck.
This brings me to my focus trade for early this week.
My BONUS pick this week is (RIOT) calls.
My thinking here is bitcoin stocks will gap up pretty hard from the weekend jump so I might be a little patient on the entry idea.
Here are some key technicals I am watching for RIOT early this week which you can see on the chart below.
Fibonacci extensions here have range to $15s but my bigger picture target thinks this has an outside shot at $18 to $20 (although I think that will take a little more time than I plan for holding this idea.)
With this morning action RIOT is already pushing up over the July highs which paves the way for a rally up to $18. Assuming we hold up over $10.50 area on any bigger dip then I like this not only right now but going out a week or so as well.
My Trade Plan Details:
RIOT $14.50 calls near $1
Stop: Closes RIOT below $12
Target 1: $16
Target 2: $18
Keep in mind that I don’t know precisely where the stock or options prices will open. I am trying to get in the ballpark with my estimates.
I might be looking to trade this in my Atomic Trades service today just a FYI.
2️⃣ If you are not a member of those services, I encourage you to join the live session @ 9am EST today in the Market Masters chat room.
This is where I will break down today’s idea in more detail and talk about other new ideas I want to share with you.
See you there!
P.S. If you would like to see if you have any credits you can apply to any of my services, please reach out to Davis Martin at [email protected] or call him at 800-585-4488.
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