NVDA to the rescue!

What are your favorite sayings? One of my Top 5 has to be “You may be down, but your not out” That’s NVDA here today. It closed the day up strong, real strong, over 8.0%….. Yesterday when I posted about it being down at Support and inching up to the much needed $110.00 area we didn’t think it would happen so quickly, but it did. Look where it is sitting at today? Right smack dab in the center of it’s box. On the Options side Puts monetized making it harder for the bears to sink it without a reload. ( I said harder, not impossible ) Buyers stepped in at the 120 and 130 strikes for the monthlies on SEPT 20, 2024.

Currently the 120’s are being offered at $2.71 at the Mid and 0.57 for the 130’s. Both strikes carry an IV of 0.55

Some volume wouldn’t hurt things to get it up to the next level, don’t be surprised if it wants a little breather before then though, it did work hard today.

NVDA wasn’t alone, others in the tech space jumped as well. And they did so with a noticeable presence. This takes us back to SEPT being the hardest month of the year for investors. Will this SEPT now become a new high to the configuration? IF stocks keep popping like today it will. Or is this a one and done and we wait and see? Patience is always prudent in stock investing, options too.

There’s been a lot of “whip saw” action in the markets not just recently but for the past few months, “here today, gone tomorrow, don’t blink or you might miss it” seems to be a theme.

The moral of that story is trade management never goes out of style

The Options Coach