Potential Market Correction Incoming? PLTR And NVDA Key Levels

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Hey Options Trader,

Today the market had a decent spike in volatility. The fear has not subsided just yet. There were a few names that held strong though during the market pullback. I opened a new position as well.

Here’s what we are covering today:

1. $QQQ and $VIX - Are we due for another market correction?

2. $GOOGL - All my shares got called away, selling cash secured puts to get back in.

3. $NVDA - Key levels, $180 soon

4. $PLTR - Key levels for entry

$QQQ and $VIX - Are we due for another market correction?

This morning we hit trend line support perfectly on QQQ. The RSI is right in the middle range. If we break below further this week, we do have support at $510. If we break below that expect a retest of $500.

The reason I am bringing this up is because VIX is still slightly elevated around $16. There is still a little bit of fear in the market which wouldn’t surprise me if we started the year off in the red.

My prediction is 80% we go higher, 20% we potentially pull back a bit before we head much higher.

Either way, today provided a good entry for some individual stocks and QQQ.

I sold a $514 (40 delta) put on QQQ as I think we are headed much higher in the next 30 days.

The NEXT Trillion Dollar Company?

This company just signed a MASSIVE deal with Apple.

It gets their AI tech in Apple’s iPhones and iMacs until 2040!

But it goes beyond that.

The company is getting its tech into products by Nvidia, Google, and Samsung too.

Its AI tech is so crucial…

Nvidia is actually buying up the stock too.

They’ve invested more in this one company than any other… nearly $150 million.

Is this stock the next Nvidia… which has gone up 81,700% over the last 20 years?

Watch this breakdown of this stock right here.

$GOOGL - Shares got called away, getting back in with cash secured puts.

Google was way too high at $200 which is why I allowed my 200 shares to get called away. Todays prices looked decently attractive, so I sold the $185 puts which yielded 2% for the month and I would love to get assigned at that price.

If GOOGL dips below $185, I will sell another cash secured put at $180.

$NVDA - Key Levels, $180 Soon

Nvidia is still trading in what I believe to be the “Value Range”. Anything between $130 and $140 is a steal. Im fully tapped out with cash secured puts between $130 and $135 as well as 400 shares and 5 LEAPS.

My target is $170-$180. I will start deploying covered calls against my shares once we are above $150.

Feb 26th is earnings.

PLTR - Key Levels

Palantir is giving investors one last chance to get in before lift off. Cash secured puts are wonderful if you are risk averse. Today would have been a good entry on some LEAPS.

We have trend line support at $75 and big support at $70 which is where I sold my cash secured puts. Selling volume is low and RSI is finally within normal ranges.

Happy New Year!

-Ryan