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Tackle Today: Stocks test a breakout

October 8, 2020

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How are you trading it?


It has been a mostly bullish week for stocks as prices have moved higher and threaten a breakout across most major indexes today.  Key levels on the S&P 500 at 3400 and 3420 have been surpassed as the Index now trades higher than both resistance zones.  A close above 3420 would be a confirmed breakout on the S&P 500 and would warrant an upgrade to the bullish bias in stocks.

Yesterday, on the Halftime Report, the Coaches discussed how they are trading in this current environment.  If you are seeing this bullishness with caution, or just want a high probability trading strategy, you might choose to use Short Puts, Naked Puts, Bull Puts or some version of credit spread.  If you are a directional, short term trader, you might be trading long stock, long call or some version of debit spread.

How are you trading the market?  Understanding the difference between Theta strategies and Delta strategies will give you an advantage as you make your trades.  Take the time to learn a new technique and start practicing it so that you can have another tool in your toolbox when opportunities arise.


Chart of the Day

SPY Daily Chart

The S&P 500 up in early trading Thursday as the market is breaking out of short-term resistance. 

Video of the day

How to find great trade ideas

Watch the recording of last night’s webinar where Coach Tyler teaches how he finds great trade ideas.  #trading #stocks #tradingwebinar #learntotrade #stockmarket #TeamTackle

Traders Lounge 11 AM EST

Join the coaches in this live lounge, ask questions, discuss ideas or just sit back and listen to veteran traders discuss market conditions.

Cashflow Club 8:30 PM EST

Held every Thursday before Friday’s option contract expirations, this show helps you perfect your favorite cashflow strategies.

Halftime Report 12:30 PM EST

The Halftime Report starts at 12:30 EST and covers what news is driving the market, chart analysis from the movers and shakers of the day and fun in a way that only Matt and Tim can deliver.

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