Weekly Wiretap Pick Of The Week HOOD

MAX Trade Potential: 166%

My Trade Plan Details:

• HOOD Feb 21 $60 Calls around $2.30s to 2.40s

• Stop: HOOD closes below $52

• Target 1: $60
  
• Target 2: $62s
  

My Reasoning:

HOOD has been one of the strongest uptrends I’ve seen in a while. Several months now of just higher highs and higher lows. Taking advantage of Bitcoin prices and tons of traders using their platform to trade all those coins.

On top of that HOOD has earnings coming up on Wednesday AFTER the close which means I’d like to be out of this trade by 3pm Wednesday regardless of it winning or losing at that time. I think taking this into earnings would be too risky of a play and if I am green at the time or before that time, why risk it?

The WEEKLY chart shows clear breakout over $47.84 with next chart highs back up at the IPO price around $85. I don’t think we see that level this week but if earnings HIT and the stock keeps running then I don’t think this is out of the question in a few weeks time, but again I won’t be looking for that in THIS trade idea.