As I stated in my market commentary for this weekend, I am starting to see more short set-ups than longs. This includes some of the following momentum stocks. You will notice that many of these open interest graphs have one strike that is very prominent. Sometimes that strike can act as a magnet (read more about that here). However, and I want to emphasize this part, it doesn’t always act as a magnet, especially when the trend is in the other direction. That is important to know (even if the trend is in right direction) because I don’t want you to assume it will happen and trade based off of that. I don’t have stats as to how often it happens so it’s anecdotal.
AMZN: This is the one bright spot among these stocks. It has some momentum and held up well on Friday. However, if the market follows through to the downside, AMZN will have a rough time holding up (I have been long calls from much lower and will not hesitate to stop out).
Starting in April, this will be part of what my subscribers get over the weekend and won’t be posted till late Monday on the free part of my site. Thank you for all those who have expressed interest in my up-coming service. I am working on getting the details on my website and hope to have them displayed by next weekend.