Market Rebounds As Predicted! Get Ready For Nvidia...

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Hey Options Trader,

The market, $QQQ specifically, dumped yesterday down to $505 just like I mentioned in Wednesday’s newsletter. Of course I did say we could get one further flush, but the bears didn’t get their way.

Today was a prime opportunity to load up on individual stocks as we confirmed our bullish upward move.

Here’s what we are covering:

1. $QQQ and $VIX - Sentiment Check

2. $TSLA - Are we getting that $350 flush?

3. $NVDA - Things are lining up for the $180 breakout

$QQQ and $VIX - Sentiment Check

With the Nasdaq 100 bouncing off that bottom of the channel, I don’t see much further downside from here. The RSI is about to form a bullish crossover as well. Lastly, VIX confirms the lack of fear as we plunged from $19.50 back down to $16.

As long as no unforeseen news comes out next week, this is a perfect setup for the next rally to all time highs.

Nvidia was the strongest of the Magnificent 7 during Thursdays market downturn. That is where my attention is placed. We’ll get into it later in the email.

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$TSLA - Are We Getting A Flush To $350?

Tesla had a strong bounce today from the lows of $370. I expected one last flush to $350 but we didn’t quite get that today. The reason being…when the market moves higher, most stocks move higher as well.

That being said, if $QQQ continues to rally next week, my expectation is that Tesla will continue to rally as well. The bottom may have been set on Thursday.

My current position is 2 $380 cash secured puts. I will maintain this position monthly as I don’t want more than 6 figures worth of shares if assigned.

$NVDA - Things Are Lining Up For The $180 Breakout

Surprisingly enough Nvidia was keeping the portfolio stable during Thursdays market melt down. This stock is coiling up to breakout. Now that we have broken past $141, I believe $152 is in the cards for next week.

I covered all shares at $152.5 and $155 as I didn’t expect the stock to go up today. Will roll my covered calls next week if needed. Also, I plan on holding my LEAPS until we hit $165-$180.

Here’s the exact NVDA strategy!

Have a great weekend! Also remember, be greedy when others are fearful. Good lesson for Thursday’s meltdown.

-Ryan