Prime Playbook
May 26, 2024 Volume 43 "Memorial Day Edition"
Memorial Day
Tomorrow we honor and remember those who gave the ultimate sacrifice to protect our nation, democracy, and the rights we hold near and dear to our hearts. We would not be able to do what we do if it was not for those who came before us, so please take a moment to pay your respects to those that gave all.
Short Week Ahead
Markets are closed tomorrow, which leaves us with a 4 day week to close out the month. Theta will hit harder, so keep that in mind. It might be a short week, but it is filled with data (reminder - all calendars are found at the end of the Stack every Sunday). We have GDP and Home Sales on Thursday. Friday brings the PCE readings, which are sure to move the markets.
Crypto went running in to close on Friday, so keep an eye on those names this week. GME also made a big move after the bell on Friday and I think this has another big run in it as well.
The Stack is packed as usual, and with the markets closed tomorrow I am hoping you will be able to use the extra time to really breakdown the Stack and make a gameplan to BANK BIG this week!
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My Charts
Over Green line = Entry for Calls
Under Red line = Entry for Puts
Dotted Blue line = Price Targets
Price targets are not the same as option strikes.
Price targets are where I believe the chart can/will go.
The strikes I suggest are what I think provide the best risk/reward to make money.
Let’s BANK!
RIG
RIG 0.00%↑ monthly bullflag going back a decade to 2014 here. Holding the rising trendline within the bullflag. It has been consolidating in this $5.50 area the past 4 months, and is getting close to “shit or get off the pot time”. Shipping names have been hot, and this is what I’m looking at this week.
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