Every trader has those moments when they have absolutely no clue what the market is going to do next.
Yup, even me.
Before we continue, I just have to brag about the great weather we’ve been having up here in New Hampshire.
It’s been a great summer so far, spending plenty of time with the kids.
But one went away to camp this weekend, so I am excited for the experiences that will be had there.
Getting back to the discussion at hand…
What do I do when I have no opinion of the market’s overall direction?
I follow a simple plan.
What I’ve learned in my 20+ years of trading is that when I am unsure of what the market is going to do, I look to trade stocks that have a low correlation to the major market indices.
In other words, stocks that don’t trade like the S&P 500 or Nasdaq.
And that’s exactly what I did for this week’s Bullseye Trade, because, quite honestly, I could have made an argument for the market to trade in either direction at the start of this holiday-shortened week.
So I chose the FNKO July 15 $22.5 Calls as my Bullseye Trade idea, with an entry price of $1.40.
Not only did I choose FNKO for it’s weak relationship to the broader market…
But I also chose it for the extremely bullish pattern that the stock has been developing AGAINST the S&P’s bearish pattern in recent weeks.
Now, this is how I handle uncertain markets, and as you can see from this next chart…the Jul 15 $22.5 call options contract moved QUICKLY in the desired direction…
As the stock price reached my initial target of $25.00 on the first day of trading this week!
Now, I have to throw the tastyworks trading platform under the bus on this one, because they would not allow me to execute the trade.
But that’s ok, because my main desire is to provide the ideas that allow my members to participate.
Friends, I’ve been hard at work this Sunday to give my members my best possible idea for my next Bullseye Trade, and it will be delivered in less than 24 hours WITH OR WITHOUT YOU!
By design, my Bullseye Trade ideas are hyper-focused trade ideas that I deliver to members at the start of each week.
BUT, if you want access to a non-stop schedule of RagingBull’s TOP gurus, IN ONE PLACE, you’ve got to check out the new 360 Wall Street Chatroom.
Folks, this is as value-packed as it gets!
These market experts will be popping into the chatroom throughout the day to deliver not only what they are seeing in the market, but also to discuss their favorite trading idea.
And that’s not all…Here’s what else this unprecedented package will offer:
- A daily newsletter — and more — that gives you a “360-degree view” of the market each day.
- HOT trade ideas delivered straight to your inbox each trading day…before the market opens!
- Access to an engaging LIVE chat room — hosted by trading experts.
- Instant App Alerts On Your Mobile Phone.
- Full access to the special “Momentum Scanner” that Jeff Williams and Jason Bond use to find fast-moving momentum trade ideas.
It’s time to put your trading back on track! No excuses!
