| |  | | Thursday, December 02, 2021 | | Bitcoin May Be Soaring Now, But... |  For years, the cryptocurrency market has been solely dominated by Bitcoin. But that's all changing. The proof is right here. As you'll see, these new and barely known microcurrencies are going through the roof! Check it out.
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| The Call Option Capturing Crazy Covid Attention
By Tom Gentile | Hey there, Power Profit Traders!
The post-Thanksgiving theme of whipsaw trading on Wall Street continued on Wednesday (say that three times fast!), to say the least.
The Dow Jones Industrial Average (INDU) gave up a more than 500-point lead to end the day more than 400 points LOWER. Talk about a wide wingspan...
In a nutshell, the Fed and the latest Covid-19 headlines were a real buzzkill, and a post-earnings nosedive from Salesforce.com (CRM) didn't do bulls any favors.
More specifically, the upward momentum stalled as Fed Chair Jerome Powell said the central bank will consider "wrapping up the taper of our asset purchases ... perhaps a few months sooner" than previously expected.
The real gut-punch came courtesy of the Centers for Disease Control (CDC), though, which confirmed the first case of the Omicron variant inside the U.S., sending stocks into a tailspin.
As we've been discussing lately, though, there are ways to make money trading in ANY environment, especially if you trade against the herd (we know where the herd ends up!) and if you're adept in speculating with options.
But if you aren't, well, guess what? That's what I'm here for -- to teach!
So today, let's continue our theme of options education with a lesson on Open Interest (OI)... and the vaccine maker once again in option bulls' crosshairs -- and the chart level they're zeroing in on.
Click here to continue reading today's Power Profit Trades newsletter.
Tom Gentile
America's #1 Pattern Trader
| Tom's Toolbox | Today's Watchlist is brought to you by the Morning Report's Highest Option Open Interest tool. This data is updated after the closing bell each session, and tells us how many contracts of a particular option are open at the moment. That means the contracts were either bought or sold to open at some point in time, and haven't yet been closed or exercised. By paying attention to notable OI, we can see where traders are placing their bets on stocks and ETFs - and which price points could have psychological significance among the collective options crowd.
The Morning Report tools from the Tom Gentile Suite app are free to Power Profit Traders - click here for instructions on how to use and download.
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