Weekly Wiretap Pick Of The Week IWM

MAX Trade Potential: 48%

My Trade Plan Details:

• IWM May 30 $207 calls in the low $3s
  
• Stop: IWM closes below $202
• Target 1: $209
  
• Target 2: $211
  
• Target 3: $215
  

My Reasoning:

From a charting perspective I like the IWM here as it was approaching the 200 SMA last week around $215 and while we have a bit to go still I like the excitement building around a possible June rate cut which could propel the IWM higher. This mornings dip could be a nice buying opportunity for me and I will remain bullish as long as the IWM stays above $200 to $202 range.