BY LICIA LESLIE

July 26, 2023

Hi Shoppers,

Cleveland Cliffs (Ticker: CLF) has had its earnings report and had a pretty bullish day yesterday on big volume. 

It actually busted out – to the upside – of a trading range it had been in since May and closed well above the 200 day moving average.

Here’s my pitchfork:

If CLF can close above $18, I think it is destined to trade $21 and possibly $24.

I’m looking for a longer term trade for this, as I don’t want to be distracted by all the “noise” between $18 and $24.

So looking at the options, I like the Sep15 expiration:

Once CLF closes over $18, I will hop into the Sep15 18 calls which should be right around a dollar.

I will use a close under $18 as my stop loss and keep a trailing stop as the stop trades higher.

Trade Review

So Apple (Ticker: AAPL) still hasn’t made its move. It needs to make a decision to trade above or below that $195 level. It may not happen until earnings next week.

Zoom Communications (Ticker: ZM) is nearly $2.00 lower since Friday and still looks like $68 is in its future.

Thanks for Reading … See You Next Tuesday,

Licia Leslie