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Hey Folks! Jeff Bishop here.
Coming into this week, I was not super optimistic about how large-cap tech stocks would trade, so I wanted to look elsewhere for my Bullseye Pick of the Week đŻ.
Unfortunately, so many sectors are trading at nosebleed prices right now, and I couldn't stomach paying such hefty prices đ€ą.
The âsectorâ (if you want to call it that) which has been working well lately were the high-short interest, or âmeme stocksâ as they are called.
So I decided to press my luck đ and go back to this sector and find the stock I felt had the most opportunity ahead of it.
That stock was Carvana (CVNA).
Here is a copy of part of the email I sent out to members before the market opened on Monday this weekâŠ
Today, my plan is to start with a half-sized position on CVNA calls near the opening.
Assuming I get my initial order filled, I will wait until we see a test of $35 to make an additional purchase.
If I am wrong, CVNA will break down and close under $34. I see this as a very short-term trade, so this will either work out good or bad in the next few days I think.
If I am right, I expect to see CVNA trade around $40 as target #1, and then just under $45 as target #2.
My Trade Plan Details:
CVNA Dec 15, 2023 $40 calls near $1.40
Stop: Close under $34
Target 1: $40
Target 2: $44
If youâre not in Bullseye, this is how all my emails are structured â so a pretty clear game plan I had going into the week, right?
Well, things worked out perfectly once again.
The options made well over a 100% move on the FIRST DAY đȘđȘđȘ.
Below is a chart showing exactly what I was looking at and the two signals that my system caught.
The first alert went out to my Bullseye Trades members.
đThe SECOND alert you see on the chart was an options-selling trigger that I sent to my Alpha Hunter members.
(Personally, I am up around $1000, or 50%, on just a $2000-sized trade since I made it on Thursday.)
Although not all trades work out this well, this was not too shabby for a dayâs work, and just waiting for the right setup!
I have to say, after 20 years of trading, I think I am really good at this stuff.
Maybe I am the âluckiest trader in the world,â or maybe I just happen to know a thing or two about finding breakout trade ideas?
Either way, why donât you find out and decide for yourself? Try Bullseye out and if you donât like it, I offer a 30 Day Satisfaction Guarantee!
To YOUR success,
Jeff Bishop
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