{"id":15840,"date":"2024-06-20T13:30:00","date_gmt":"2024-06-20T17:30:00","guid":{"rendered":"https:\/\/mtatradeoftheday.com\/?p=15840"},"modified":"2024-06-20T13:20:45","modified_gmt":"2024-06-20T17:20:45","slug":"i-cant-help-but-think-the-markets-are-extended-right-now","status":"publish","type":"post","link":"https:\/\/mtatradeoftheday.com\/i-cant-help-but-think-the-markets-are-extended-right-now\/","title":{"rendered":"3 Bullish Plays in a Frothy Market"},"content":{"rendered":"

The trend is your friend, and the market has been absolutely on fire lately, led by tech giants Nvidia, Super Micro Computer, and Broadcom.<\/p>\n

But when I see a chart like this in the SPDR S&P 500 ETF (SPY) :<\/p>\n

\"\"<\/p>\n

I can\u2019t help but think the market is extended right now\u2026<\/p>\n

And that\u2019s why I\u2019m not opposed to, dare I say, put on some bearish positions.<\/p>\n

That is\u2026if they are A+ Setups. <\/a><\/p>\n

But shorting the market because stocks seem to be up too much\u2026is a foolish reason.<\/p>\n

How would that have worked shorting Nvidia this year? The stock is up a whopping 180% year-to-date.<\/p>\n

That\u2019s why it\u2019s critical to put your bias to the side.<\/p>\n

And let the price action lead you to high probability plays.<\/p>\n

So if I do take on any bearish positions, it will be because my S.A.M Scanner identifies them as bearish. <\/a><\/p>\n

That said, I\u2019m letting the trend dictate my moves.<\/p>\n

And despite the market looking a little frothy right here\u2026there are several bullish setups I like.<\/p>\n

Here they are:<\/p>\n

Hims & Hers Health Inc. (HIMS)<\/strong><\/h2>\n

\"\"<\/p>\n

Hims & Hers Health, Inc. is a company focused on providing personalized health products and services, leveraging a direct-to-consumer model.<\/p>\n

The company has seen significant growth in subscribers and revenues, driven by a diverse product mix that includes new offerings aimed at customer retention and engagement.<\/p>\n

Shares of the stock are up over 26% in the last month after it announced it was getting into the GLP-1 market, potentially offering a lower-cost alternative to branded medications like Wegovy and Ozempic.<\/p>\n

And while the narrative is bullish, that won\u2019t help you make money as a trader.<\/p>\n

Trading is all about timing. <\/a><\/p>\n

That\u2019s why I\u2019d be more interested if it can pull back a couple more dollars or if it just rests here for a while.<\/p>\n

If it does, I\u2019ll be looking to play this via call options.<\/p>\n

Alphabet Inc. (GOOGL)<\/strong><\/h2>\n

\"\"<\/p>\n

Alphabet Inc. is the parent company of Google. It is experiencing renewed investor interest due to its positioning in the artificial intelligence (AI) sector.<\/p>\n

The company has been an “AI-first” entity since 2016 and is now starting to receive more recognition for its AI capabilities.<\/p>\n

Alphabet’s main business segments include search, YouTube, and cloud services, all of which are showing strong growth.<\/p>\n

Overall it is a great company, but that doesn’t matter much if you\u2019re trading.<\/p>\n

It\u2019s all about the timing. <\/a><\/p>\n

And right now, Alphabet is showing a daily squeeze, which tells me it has a chance to blast through its 52-week highs of $180.41.<\/p>\n

It\u2019s been stuck between $170 to $180 since May, and I think it\u2019s ready to make its next move up.<\/p>\n

In fact, I\u2019ve already put on a starter position.<\/p>\n

\"\"<\/p>\n

If the market wasn\u2019t so frothy, I would have put more contracts on.<\/p>\n

But I will likely add on weakness or a pullback.<\/p>\n

Cava Group (CAVA)<\/strong><\/h2>\n

\"\"<\/p>\n

CAVA is a Mediterranean restaurant chain known for its customizable, healthy fast-casual dining experience.<\/p>\n

The company offers a range of Mediterranean-inspired dishes that emphasize fresh, wholesome ingredients and flavors.<\/p>\n

Shares of the stock have had a nice pop after releasing earnings in late May, and are up more than 15% in the last month.<\/p>\n

Based on the setup I\u2019m seeing, I think we\u2019ll see $100 a share soon.<\/p>\n

In fact, that\u2019s where I\u2019m placing my bets.<\/p>\n

\"\"<\/p>\n

Bottom Line<\/strong><\/h2>\n

Are we extended right now?<\/p>\n

Absolutely.<\/p>\n

But I didn\u2019t become a multi-millionaire trader based on my gut feelings.<\/p>\n

I accomplished it by finding high probability setups and leveraging the power of options.<\/p>\n

You don\u2019t have to be an expert at chart analysis to find A+ Setups.<\/p>\n

My Daily Profits Scanner <\/a>finds them for you.<\/p>\n

===>Click here to discover how this incredible tool can transform your trading. <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The trend is your friend, and the market has been absolutely on fire lately, led by tech giants Nvidia, Super Micro Computer, and Broadcom. But when I see a chart like this in the SPDR S&P 500 ETF (SPY) : I can\u2019t help but think the market is extended right now\u2026 And that\u2019s why I\u2019m … Continued<\/a><\/p>\n","protected":false},"author":16393,"featured_media":15836,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1038],"tags":[],"mobile_app_tag":[],"class_list":["post-15840","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-trade-of-the-day"],"acf":[],"yoast_head":"\n3 Bullish Plays in a Frothy Market - Trade of the Day<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/mtatradeoftheday.com\/i-cant-help-but-think-the-markets-are-extended-right-now\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"3 Bullish Plays in a Frothy Market\" \/>\n<meta property=\"og:description\" content=\"The trend is your friend, and the market has been absolutely on fire lately, led by tech giants Nvidia, Super Micro Computer, and Broadcom. 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