New Position & Watchlist!

WFC, M, MU [Click to view in browser](. Jul 7th 2020 Good afternoon! Hope your day is going well so far. The first hour of trading was very active on my end netting a 123% win on SNAP calls and a 103% win on SQ calls along the way. Here’s how I’m entering power hour today… New Position Bought to open 100 WFC July 17 23 Puts at $0.34: Financials are lagging today and of all the big banks, Wells Fargo (WFC) could be presented as the ‘weakest link’ in its arena compared to companies such as Goldman Sachs and JP Morgan Chase. With financials struggling today, it came as no surprise to me to see multiple put option sweeps on these exact options fire off this morning. [WFC]( also has downside potential to $24/share, which is my profit target. My stop is a break/close above today’s high of $25.22. Watchlist: M July 24 7.5 Calls: [Macy’s]( isn’t a magical stock by any means in today’s market, but these call options started receiving heavy sweep activity around 1pm ET today. The catalyst here could be as simple as a potential short-term rebound after a series of recent downgrades. In play for me if M holds its 50-day simple moving average line (red line below), 100% profit target with a stop on a break below the 50-day simple moving average line (sma). MU July 10 51 Calls: [MU]( is indeed weak today, but having just seen well over $100k in call option sweeps, a potential catalyst here could be an earnings run up, even more positive news in regards to the recent progress of chip makers, or maybe they’re in the progress of signing an agreement with a larger company (i.e. Microsoft). These calls expire on Friday, so this would be a day-trade or quick overnight trade for me if it makes a red-to-green move above $50/share. My stop would be a break below $50/share, triple-digit profit target. That’s it for now - stay green! Hope you’re having a great day, Davis Martin America’s #1 Options Trader [@DavisMartin88]( [@DavisMartin88]( Disclaimer: This is not investment advice. This newsletter is for information purposes only and opinion-based on financial advisor data across a selection of websites. Investors should be cautious about any and all investments and are advised to conduct their own due diligence prior to making any investment decisions. Copyright 2020, InvestingChannel, All Rights Reserved | [Privacy Policy](//investingchannel.com/policy) [InvestingChannel, Inc.]( P.O. Box 118 New York, NY 10018. To unsubscribe, [click here]( [Link](