Good morning, traders, happy Wednesday, February the 24th. This is your favorite host, Jake the Stock Guy from jakethestockguy.com. I’m not just your host; I’m your buddy. I’m your pal. I’m your friend. I’m your brother. Let’s get right into today’s pre-market analysis and what I’m looking at to trade this morning. We’re going to keep this short. Whoa, that looks [00:47] cool. That is very trippy-looking [00:53]. How did I do that?
Let’s get right into today’s charts. I’m looking at SPY, SNAP, Upwork. SNAP is the ticker. I’m just going to draw my lines like I always do. I like this [01:36].
Back to the charts. SNAP, I’m on the ten-minute time frame on the five-day. This [02:08] is my broker. I use E*TRADE. Think or Swim by TD Ameritrade is also good. They’re just as fine. I’m going to blow my screen up for a second. I’m going to show you some more targets where I think SNAP could be going to. I mean, SNAP could go to 80 today. It would be crazy, that big burst out of nowhere yesterday. We might get a pull back to here [02:47]. We’re already at support on the ten-minute time frame.
I like SNAP as a market open buy, resistance at around seven. Yeah, 73 is pre-market resistance. I did it twice. It went there [03:10]. It went there [03:12] again. If it can get through then potentially on the year-to-date. Sometimes you miss them. A stock is kissing that 50-day simple moving average. Buy calls, man, just buy them.
On the daily, we’re not quite over-bought. Go to the five-day. I like SNAP as a day trade. I like Upwork. Funny, I wanted to buy it yesterday. It’s another great trade. There’s [04:57] your trend.
I hope you guys are learning something here. You could make a case for that. What happened to Upwork? I didn’t even see the news. Is it a good earnings report or something? I’m going to zoom out a little bit. I want to draw. See, [05:27] another great trade off the 50-day simple moving average on the daily time frame. It doesn’t always work. When it works it works. I’m going to zero that [05:42] out at the all-time high, and then go back to the five-day.
Yeah, we could get Blue Sky. I’m looking on the Slack. I like the 55 calls or the 60 calls depending on the dip. I might get the 60 calls just because we had the 60 calls. We get a pretty good dip, yeah, Upwork and SNAP. I’ll be watching Upwork, and that’s it. SNAP, Upwork, and then I might take a SPY trade later today depending on what happens, may or may not.
You guys have got to learn, don’t over-trade. Where are we? We’re down .26. It’s crazy. We went right to the line I drew [07:23], a little sticky, and then right up to that line I drew. I’m good at charting. We could get above this [07:39] channel and rip to 390. I would love to see that for the bulls especially because I’m in a ton of long positions. I’m a bull. I’m not a bear. I’m a young bull. I’m in a lot of positions.
Workhorse is not doing so good. These calls [08:01] expire this week. I’m in a little bigger of a position than I’d like to be. I don’t know what happened. I think I wasn’t paying attention when I was placing the order. I didn’t realize what the options were. I thought I was only spending 3% but went a little bigger. Fingers crossed I might have to cut them.
VTRS was a member’s trade in the Member’s Trading Channel. That’s up nicely. VERU is my trade idea. That’s up nicely pre-market. PDD was nicely up pre-market. PBR is up nice pre-market. I think LULU is flat, ITUB is flat. GARB, I’m just holding them back on this thing. Comcast was Sashi’s trade in the Member’s Trading Channel. I’m not sure when he’s going to sell. I’ll be keeping an eye on him if he does decide to sell.
I will be focusing on just a quick day trade between Upwork and Snap. Then I’ll be looking at closing out some of my positions if they’re nice and green because I’m not messing around. You can see here [09:16] some of my year-to-date gains. I start getting 50, 100%. Get me out of here. Take the money and run for the hills.
All right, so that’s what I’ve got. I only do options trades. Of course I would buy a call. You guys will get my alert. I try to do it in real time. I try to show you how to look. I’m waiting for a dip on SNAP. On the ten-minute time frame, it’s a good entry out of the gate. I potentially add two of my positions to average if it goes down to this area that I drew right here [10:25].
SNAP, I’m thinking more like 80 calls. That’s pretty far away out of the money calls. They could go fast, up 50, 100%. You have to just be really quick with selling when you get those out of the money calls because they just lose their value so fast. As soon as you buy, you’re up 200% almost instantaneously sometimes. I’d be looking more at the 75 calls. that’s definitely a lot safer of a bet.
OSK, yeah, I’ll take a look at OSK for you really quick. The market’s about to open, so let’s get ready to rumble. I’m in a good mood. you guys, I’m having a good time. Wow, I like this [11:39]. I like the setup, actually. What’s the news? I’ll have to keep an eye on this [11:46] bad boy. This could be good, OSK. I have no idea. It’s not a first idea trade for me. I really like it, this OSK, just based on the charts and what I see. Technically. SNAP and Upwork are what I’m watching. It’s just what I’m watching this morning and what I’m looking to take a trade on.
All right, let’s get ready. Let’s have a great easy day in the markets. God bless, and I’ll see you in the Slack and on the charts.