Below is a daily/weekly chart of Office Depot, Inc. (ODP), $4.93.
Trade: We recommend buying 1000 shares of stock at a limit of $4.85/share, which is bullish intra-day retracement. Note: Earnings are 4/25 so higher risk holding through it.
Technical Setup: Breakout daily and weekly charts.
Target: $5.50 – 6.00.
Stop Loss: $4.58.
Adjustments and Comments on Open Advisory Letter Trades (Note: We are only reporting current adjustments).
NVDA – Sold 10 Apr $111/117 bear call spread for $.50/share. Stop Loss: $110.32.
IWM – Sold 10 Apr $139.5/143 bear call spread for $.48/share. Stop Loss: $138.82.
AMAT – Sold 10 Apr $40/42 bear call spread for $.37/share. Mid-point to close is $.21/share. Bid $.15/share to close and move stop loss $39.12 to protect gains.
MO – Bought 10 Apr $73/71.5 bear put spread for $.70/share. Sold half at $1.10/share (($1.50-.70)/2) (which is 50% Max Gain per Trading Rules). Try to sell back half $1.25/share to close and move stop loss to $72.02 to protect gains.
SPY – Bought 10 Apr $238 puts for $$3.01/share. Try to sell half with SPY in the $233.50 area. Move stop loss to $235.62 to protect small gain.
Happy trading! If you have any questions or comments, please e-mail Greg Capra at Greg@mastertrader.com or Dan Gibby at Dan@mastertrader.com
All the best,
Greg Capra
Managing Director and Pristine Founder
Dan Gibby
Chief Options Strategist
Follow Greg on Twitter and StockTwits to get real-time updates:
Twitter: @GregCapra
Stocktwits: Greg_Capra
