By Licia Leslie
August 2, 2024
Hi Shoppers,
Just like the rest of the market, the iShares Russell 2000 ETF (TIcker: IWM) has had some major moves.
Check out my chart:
Yesterday, IWM closed below my support level at $216.05.
This morning I will be watching for the stock to revisit that support level and that is when I will go short.
I will be looking to buy puts in the Direxion Small Cap Bull 3X (TIcker: TNA).
I like the Aug09 43/39 put spread as you have a bit of skew buying the 43s and selling the 39s.
I think IWM can trade down to $209.50.
Trade Review
Chipotle Mexican Grill (Ticker: CMG) hit my target yesterday trading $55.07.
Thanks for Reading … See You Next Tuesday,
Licia Leslie
Licia Leslie
Head of Technical Analysis
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CAPITOL GAINS: SMR Aug16 7 call closed for a 150% gain
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OPTION SHOPPER: ERX Mar28 65 calls closed for a 90% gain