Boiler Room: The Official Stock Market Discussion
People will always sell when the target is hit, and institutions will trim their positions too. However, in a strong bull market, I see a clear path upward as long as there are no major economic disruptions.
i feel like i should chase january calls. 1/24 $650 calls should open around $4- $4.5 if price stays as is. i would need to see price action in the morning.
from the downside, the major support area is around $340, with a minor support at $414, which was a previous all-time high. If $414 gets rejected, there’s a strong chance we could revisit the $380s and then the $340s. However, as long as support holds, we’re likely to bounce back toward the $500s. Once it consolidates in the low $500s, we could see $600. i won't be surprised at all by $600 by mid Feb. but at the same time i can see $340 retest. so if there's a strong rejection in $500, i'm gonna buy some puts.