Pre-market Live and Options Picks for 02 22 21

Good morning, traders. This is Jake from the Let’s get right into today’s charts. I’m going to be showing you guys what I’m looking at. I like GME. These are all day trades. None of these are swing trades. If I find something that looks like a good swing trade, I will post it in the group.

GameStop, a little bit up pre-market, nice push from Friday’s lows after hours. Another little gap up pre-market, a little pull back. I’m looking at GME on an intraday pattern or on an intraday level. I’m going to be watching for my stochastic to get down here [01:28]. I know this doesn’t always work, but it works most of the time.

I’m in CVX. That was a trade idea from Sashi and Member’s Trading Channel. EDIT, I’m still in the swing trade. I was thinking it could get a pre-earnings run. Earnings are the 25th, so this week. Hopefully, we get a little bit of a pre-earnings run. I’ll definitely be closing my position for earnings. GARB is a penny stock OTC trade. I picked this trade up from a member in the group, Dan. He’s done really well with a lot of penny stock trades.

It’s funny, I finally decided to take one after sitting on the sidelines for a couple weeks just watching the penny stock channel. I’m more of an options trader. It’s not really my cup of tea. Finally, I’m like, okay, I’m going to try. I’m going to give it a shot. I pick up GARB, and I’m down 25% on my position, pretty funny stuff.

SOLO, I really like SOLO. It’s an EV play. It’s one of the EVs that hasn’t been as hot as the other EVs. I’m waiting for a pop there. Then I have an NBEV swing trade in another account. Those are my current open positions. If you have more positions than these, and they’re in the red, or they’re in the green, you might want to consider closing them for a profit or a loss. Take the money and run.

SPY is in a really interesting situation right now if you look at SPY on the daily time frame. Let me go to the daily time frame if I go up to year-to-date. SPY, we’re coming up through the bottom of this [03:50] channel. We could come down and kiss this 50-day simple moving average. I’m going to pull this [04:00] down a little bit more here so you guys can see a little bit better. I like that. That’s [04:05] a little better. SPY, it could easily come here [04:18] to the bottom of the channel.

We’ll probably chop around today. We’re in a little bit of a down, micro-bearish pattern, but in a macro-bullish pattern. When SPY pulls back like this [04:41], it’s going to affect all of our long swing trades. The longer dated expiration ones will be doing a little better than the short dated expiration ones. I’m looking at some other big pivots. This is a pivot right here [05:02].

Areas that I’m going to be watching for today, also, SPY always has these psychological round numbers like 300, 325, 350, 375, 400. What are we at, extended hours, 387, so 385 would be a natural area of support, 380, 390 would be a big area of resistance now that we’re below.

I have these [05:45] two lines set up on my RSI. It’s starting to get this rounded top. I think we definitely are coming down, guys. I might buy some calls and puts today on SPY based on price action. I’m not looking at doing much. It’s Monday. I want to ease my way back into the week.

I’m looking at ROKU, GME, SPY. I’m not really looking at anything in terms of a swing trade perspective, mostly just intraday action. I like ROKU. It’s a nice resistance right here [06:38]. Like I said, let’s see what SPY does today. Do we sell off? Do we just chop around? Is SPY going to do what it typically does to chop action? I’m going to save a little bit of reserve capital at the end of the day for possibly some calls.

That’s all I’ve got for today, ROKU, GME, and SPY. These are my trade ideas. This is what I’m looking at. I will post in the group when I take these trades. This [07:08] is the bottom of the channel on that ROKU. I always look for things visually.

These [07:19] are the three indicators I use. I use the RSI. I use the stochastic. I use the 50-day simple moving average. For intraday trading, I always use the 10-minute or the 60-minute time frame on the frequencies, so 10-minute or 60-minute time frame on the 3, 5, and the 10-day time frame. If I’m doing a swing trade, I like to look at this [07:46] year-to-date, and I go frequency daily and weekly. That’s what I’ve got for today.

Let’s see what CBT is doing, Cabot Corp. CTB, oh, very nice, should have got in Friday. I’ll take a look at [08:42] this trade too. It’s definitely got a lot of ingredients that I like, something like this [08:58]. I can see a push to 55 maybe. On these trades, these power earning gap ups, I sometimes go to a shorter time frame. The five-minute is usually pretty good. I’ll be looking for a possible entry on CTB on a pull-back on the five-minute time frame.

If it pops at the market open, I’ll probably just avoid trading this. I don’t want to FOMO in, and then it pulls back. Sometimes the market opens and then the stock just goes straight up. Oh yeah, I’ve seen that before. I missed it. Oh well, big deal, I’ll move on, next trade. I’ll be keeping CTB on watch, but so far ROKU, SPY, and GME for an intraday trade. Really just focusing on SPY on Monday. Monday is a SPY day for me.

Thanks for tuning in. Remember, if you want me to look at a stock or something, just post in the comments. Let me know that you’re here, say good morning to me, we’re all friends. We’re one big family. Say hi, say good morning, and then let me know what you’d like me to look at.

Sometimes there are stocks that are really good potentials, but I just can’t see them all because there’s 2,000 stocks or something like this. You just can’t catch them all. Sometimes my members do bring some really good opportunities to my attention. We take those opportunities, and sometimes we benefit from them.

I bid you guys adieu. I’ve got about 24 minutes before the market opens. I’m going to get ready. That’s all I’ve got for you guys this morning. God bless, be great, and I’ll see you in the charts and on the Slack.

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