Saturday, April 1, 2017

Apr 1 - SNAP consolidation - breakout coming?

Sitting on pile of Apr21 25.5 calls @.55

All 3 scenarios I have are bullish.  Not discounting a flush out to shake out more bulls Mon/Tues.  I doubt we will start a sustained move down because of the weak selling the last few days and the demand of buyers looking to get in at the IPO level of 17-18.

The daily chart.  If this is just consolidation, the first big bar up should come with a volume pop like on Mar 22.

scenario 1.  this scenario suggest slow melt up starting Mon

 scenario 2.  Bulls get shaken out to empty the bus for a sharp ramp higher.
 scenario 3.  one more day of chop and continuation of the move

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May 15 - Closed out IWM puts for +120% and picked up DAL and HD Jun calls

I'm going to let the market do its thing this week and probably stay away from new positions until Friday unless something very good pop...