$META Long (Cup and Handle Breakout)
Over the last few weeks, the market has experienced severe volatility due to the Financial crisis, collapse in oil prices, and indexes getting slammed.
However, the Growth areas of the market (
QQQ) and in particular Tech and Communication names have held up strong.
META, being one of the largest components of 
XLC (along with GOOG/
GOOGL), gapped up on ER into what we would refer to as a COD setup.
The market has now given us a Cup and Handle breakout, along with a bullish momentum regime in the RSI, which we are using to justify a long position targeting the 230/230 area.
We will be using the Jun16 230/235 Call Debit Spreads at 1.00 to capture this potential price movement. At 93 DTE, we have plenty of time to withstand consolidations along the way.
We will cut with a stop below 185.
However, the Growth areas of the market (
QQQ) and in particular Tech and Communication names have held up strong.META, being one of the largest components of XLC (along with GOOG/GOOGL), gapped up on ER into what we would refer to as a COD setup.The market has now given us a Cup and Handle breakout, along with a bullish momentum regime in the RSI, which we are using to justify a long position targeting the 230/230 area.
We will be using the Jun16 230/235 Call Debit Spreads at 1.00 to capture this potential price movement. At 93 DTE, we have plenty of time to withstand consolidations along the way.
We will cut with a stop below 185.
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