Hey Traders! How are you all doing?! I hope this article finds you most swell and majestically profitable in the markets.
I just got back from our Real Life Trading Alaskan cruise to find the markets still relatively bullish. My plan is to still expect the bulls to win most trades on the long term and intermediate term with a small 5-7% pull back upcoming in the next 2-3 weeks on the short term.
With that in mind, I’m looking for some stocks to potentially buy. One I love trading and following is X, United States Steel.
A stock that’s been around longer than Microsoft and Apple combined, gives traders numerous short and long opportunities.
One in particular that I am looking at is a $18.00 September put sale for .25 per contract. Therefore, if one were comfortable owning 1,000 shares at a $18,000 investment, one could sell 10 contracts brining in $250 of premium minus commissions. The more contracts on this one, the more premium.
Personally, I wouldn’t mind owning X. It looks like on a weekly, the most recent price action after dividends came out was a wave 4 pull back of some kind. The 100 SMA on the daily chart is $18.51. X is in the middle of a large channel right now, with the resistance being at $27.51 and support being at $16.73. That’s a large channel and one ripe for profits. My goal? Buy low sell high. If I get put some shares of X, great. If not, I’ll make enough money to cover souvenir purchases from the cruise.
Either way – exited to see what X does. I love following this stock! If you have any questions at all on it, let me know!
As a reminder, the Trading Mastery Summit begins tomorrow! A week long, online event jam packed with content. Hope to see you there!
Thanks for reading. YOU ROCK!
Jerremy Alexander Newsome – CEO and biggest chocolate cake fan at Real Life Trading
