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Price Breaks Provide Option Profits in $IWM
In our TNT Options Trading Service on April 29th, we talked about the iShares Russell 2000 ETF (IWM). IWM was poised for a breakout move, but the question was, would the bulls push and make it happen or would the bears press and send the Russell 2000, and the IWM, down with their efforts in […]
In our TNT Options Trading Service on April 29th, we talked about the iShares Russell 2000 ETF (IWM).
IWM was poised for a breakout move, but the question was, would the bulls push and make it happen or would the bears press and send the Russell 2000, and the IWM, down with their efforts in a breakdown type move? We outlined two flat-lines to watch; $159.61 on the upside and $158.25 on the downside, in order to gauge where the momentum might be found.
Shares of IWM would provide a quick entry to the downside on May 1, as it moved lower below our $158.25 flat-line. The previous day on April 30 it had gyrated around the flat-line we were watching, but without enough conviction to trigger much of a trade by closing slightly above the flat-line, not violating it on a closing basis. Entrants on Wednesday were able to lock in further profits on Thursday as IWM made a lower intraday low but once again momentum shifted and the bulls pressed to close the session off the close from the prior day. Rolling and discipline was very important in the trade.
On Friday the bulls stepped in and IWM never looked back as shares traded above $159.61, our flat-line, by lunch on the east coast to end the week at a new year-to-date high.
Subscribers took advantage of this opportunity and were able to profit anywhere from 45% to as much as 130%, both ways, by rolling and using a strategy involving their flat-lines, discipline and momentum!