I am seeing a bullish engulfing candle from Thursday which means Pinterest (Ticker: PINS) could be ready to trade higher:
If PINS opens and trades higher this morning, I will buy calls in the July 23 expiration.
PINS has earnings on July 30 and the at-the-money calls, the 72s, expiring Friday have an implied volatility of 46.79 while the 72-strike calls expiring July 30 have a whopping 86.22 implied vol.
I think buying the July 23 72-strike calls paying $1.10-$1.15 will be profitable by expiration on Friday.
Check out the cannabis stock charts below …
They are all very similar and each has possibly made a double bottom.
If Chuck Schumer gets his way … definitely something to watch …
Aurora Cannabis (Ticker: ACB):
Tilray (Ticker: TLRY):
- If you were able to hop on my trade ideas in Bank of America (Ticker: BAC) and Facebook (Ticker: FB), put buying, good for you!
The two stocks opened lower and traded lower, so you had to be quick and adjust your strike prices.
Thanks for Reading … See You Next Tuesday!