100% Gain in 24 Hours
On Monday April 4, Mike noted in the room that the US Oil Fund ETF (USO) should hold key support at 9.25-9.00 given that its larger pattern represents an incomplete medium term recovery rally arguing for another up-leg towards 12.
On Tuesday, he got into the USO Apr. 8th 9.00 Calls at 27 cents, looking to take advantage of a technical bounce in the USO in reaction to Wednesday's EIA Oil Inventory Report.
Sure enough, the USO bottomed right at 8.99 on Tuesday, reaching above 10 intraday on Friday. Although Thursday's EIA Report would subsequently show a neutral/bearish weekly build in oil supplies, Mike's interpretation of the promising technical set up earlier in the week anticipated strong price action into, and a positive reaction after, the release of the data.
Mike exited the calls on Wednesday at 55 cents, for a 100% gain in 24 hours.
The USO trade was one of several strong trades for Mike since the start of the month. He exited the Silver Wheaton (SLW) puts on April 1 for a +200% gain in 1 day, and the SPDR S&P Biotech ETF (XBI) on April 6 for a gain of 10% in 2 weeks, displaying trading accuracy across a number of markets: Oil, Metals and Biotech.
Plus, Mike exited his Visa (V) and Raytheon Company (RTN) trades this week for 2% nominal gains, with only Nike (NKE) incurring a nominal loss after a 3.8% gain from a prior long position from March 14-18.
More Top Calls From Mike
This past Tuesday, September 26, two days prior to NKE (Nike) earnings, Mike Paulenoff posted one of his pre-earnings "Heads Up" to our members, writing:"Certainly, NKE is oversold enough within a relentless downtrend pattern off of its Feb. 2023 recovery high at 131.31, that a positive reaction to quarterly results reflecting anything other than a disaster coupled with dismal guidance, is likely to trigger an initial positive reaction into the 95 to 100 recovery resistance zone.
On Wednesday, September 7, during one of Mike Paulenoff's frequent intraday updates of the E-Mini SP 500 futures contract (symbol ES) to keep MPTrader members informed about dominant near and intermediate-term trend direction in the index and the SPY ETF, Mike posted an important warning:"ES from a BIG Picture perspective shows the weakness off of last Friday's (9/01) rally high at 4547.75 into this AM's low at 4434.75 (-2.5% of the 4.
Back on June 26th, when nearby WTI Oil futures were circling $67/bbl, Mike Paulenoff issued a heads-up to MPTrader members about a potentially opportunistic technical setup developing in OXY (Occidental Petroleum), writing:"OXY pressed to a low at 55.58 this AM, which marginally violated the 5/11 low at 56.16, BUT held above the more technically significant March 2023 low at 55.51 prior to pivoting to the upside into positive territory, now trading at 57.47.
On Monday August 28, we posted a heads-up about FCX (Freeport-McMoRan) to our MPTrader members, writing: FCX (Copper, Gold, Oil) producer has the right technical look (and a positive momentum divergence at Friday's low) of a completed pullback (44.70 to 37.74) within its larger bullish multi-month Coil formation. Last Friday's (8/25/23) low at 37.74 represented a very healthy 15.6% correction off of the 7/31/23 rally peak at 44.70 and also amounted to an exact Fibonacci 62% retracement of the 5/24/23 to 7/31/23 advance from 33.06 to 44.70.
Top Call: NVDADuring the afternoon trading session of August 23, 2023, prior to the release of NVDA's (Nvidia Corp.) highly anticipated quarterly earnings report, we alerted our MPTrader members to our near-term forecast for NVDA, derived from my technical setup work heading into earnings.