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Full Time Profits, December 16th, 2019 – COST, FB, ADBE

December 15, 2019 By Steven Place

Markets are looking pretty good now that the “kick the can” trade on tariffs went through. The key level I’m watching is 3150 on the S&P and as long as that holds, we should see an end of year meltup.

Trade #1: COST

COST got hit on earnings. It was good earnings, they beat their number, but perfection was priced in and we’re seeing more technical selling… like a hangover in the stock. I expect the stock will at least hold its range into the end of the year.

Trade Setup

Expected Price: 291.87

Sell to Open COST Jan 280/275 Put Spread

Tier 1: Enter at 0.74, Exit at 0.22

Tier 2: Enter at 1.036, Exit at 0.356

Tier 3: Enter at 1.332, Exit at 0.412

Stop Out If Close Under 279.79

Trade #2: FB

FB caught some sellers on news that the FTC is going after them. This has been a persistent risk in the stock for years and it’s not a surprise that this is coming into play headed into 2020.

I want to see a test of the internal pivot level to place a trade.

Trade Setup

Expected Price: 190

Sell to Open FB Feb 175/170 Put Spread

Tier 1: Enter at 1.02, Exit at 0.54

Tier 2: Enter at 1.428, Exit at 0.818

Tier 3: Enter at 1.836, Exit at 1.036

Stop Out If Close Under 174.89

Trade #3: ADBE

ADBE broke to new highs on good earnings. I think the stock will continue to drift higher.

Trade Setup

Expected Price: 318.15

Sell to Open ADBE Jan 305/300 Put Spread

Tier 1: Enter at 0.87, Exit at 0.37

Tier 2: Enter at 1.218, Exit at 0.568

Tier 3: Enter at 1.566, Exit at 0.706

Stop Out If Close Under 304.89

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