Best Trade Idea, Week Of 9/18

A defensive megacap with alot of recent bullish activity

As I posted in yesterday’s market recap, we now have bearish engulfing weekly candles on both the SPY and the NQ. There are not many bullish looking setups out there. I went through my scans now and the lack of bullish setups was alarming, even worse, most of the bullish setups were in small biotechs I’ve never heard of, and of course I try to only deal with real names with real option flows. When I scanned for names hitting 15 day highs, there was only one, WOLF. So relative strength is almost non existent right now.

The name that stood out to me in all the scans was a defensive megacap that many of you already probably own through various ETF’s, but for the moment, its relative strength last week stood out to me. Also it’s nearly 10% off it’s highs which is impressive in this environment we’re in where other quality megacaps like Google are 35% off highs. It’s just hard to find a high quality name, with bullish options action, and a not broken chart, and through all my scans, there was literally only 1 name, over $100b market cap with that criteria.

The Trade