I expected a bounce in the market this week, and chose to express this idea by making NFLX my best stock pick for this week. In my opinion, NFLX is like an Internet Utility. Sure, people might go try out Amazon Prime or Disney Plus, but sooner or later, they’ll get back to Netflix and chill. And the fact that they have advertising coming soon will be good for their topline revenue.
Here’s How The Bullseye Pick Looked in Subscribers’ Raging Bull Dashboard:
Here’s what happened to the options I outlined in my Bullseye Trade of The Week:
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Every Monday morning, I send out my best trade idea for the week before the market opens to Bullseye subscribers. After analyzing the market the week before and running through charts over the weekend, this is my favorite and most primo setup to start the week.
There’s a lot of thought that goes into the Bullseye trade of the week. I’m looking to find good trade ideas that are outliers in the market.
Here was my reasoning for the Bullseye Pick, which was sent to subscribers on Tuesday (due to public holiday) morning on Septembet 06, 2022.
This week, I am actually bullish on the market. I think we are due for a bounce and I want to look at large cap tech names.
This week, I plan to buy NFLX… and chill!
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Netflix – NFLX
There are a lot of positive things to like about NFLX lately. It has been one of the strongest large cap tech stocks over the past couple months.
After back-to-back disastrous earnings reports, the company is finally finding its footing and has been grinding higher from the $180 range to nearly $250 a couple of weeks ago.
I like this casual pullback to the $225 level and am going to look at an entry there. If I am wrong, I am keeping a close below $218 as my stop on this trade.
If things go my way, I would like to see NFLX rip to over $240 in the next week or so and that would be my ideal exit for the trade.
I am going with options that expire 3 weeks out in order to give myself more time for this trade to work out if needed.
My Trade Details:
- NFLX Sept 23 $230 calls near $5
- Enter : Pullback to $225
- Stop : Under $218
- Target : $240 or higher
As always, I will go over my thoughts on this trade live @ 11am EST every Monday – so please join me and hundreds of others then!
To YOUR Success!
