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SBN Options Idea for March 2024

Market Summary:

We continue to accelerate our prolific returns from our portfolio by supplementing them with the momentum driven Options trades.

The major indices are all trading slightly higher following a tumultuous morning session on Wall Street, with the job market and Treasuries in focus for the third day in a row. The Nasdaq and the S&P 500 jumped to new all-time highs in early trading, as AI stocks Nvidia (NVDA) and AMD (AMD) extended their record-setting surge, but the tech sector turned sharply lower ahead of the afternoon session amid a spike in volatility. Non-farm payrolls came in at 275K, surging higher by more-than-expected for the second straight month, but last month’s reading was revised significantly lower while the unemployment rate and hourly earnings both provided bearish surprises, printing at 3.9% and 0.1% respectively. 

Suggested Option Trade (SBN Options Idea for March 2024):

Sell Puts on Mongodb, Inc.

Write(Sell) $350 Puts on MDB expiring March 28' 2024 at $5 Credit

  • Trade: Sell ("sell to open") the March 28' 2024 $350 put.

  • Allocation: Size the position according to your portfolio size and how much you're comfortable investing.

  • Price Guidance: Aim to receive a net credit of $5 or so.

  • Current Stock Price: $387

If MDB trades over $350 at expiration, we will keep the entire credit at a 100% profit. If it trades below $350 at expiration, we happily own the shares at a net price of $345 ($350 - $5).

You will need to manage the trade till expiration or closure yourself, and no further guidance will be issued. If you need any help, you may reach out to us. Disclaimer: Options trading involves substantial risk. The valuation of stock and options may fluctuate, and as a result, in some cases, members could lose more than their original investment. In no event should the content of this correspondence be construed as an express or an implied promise, guarantee or implication by StockBuzzNow that you will profit or that losses can or will be limited in any manner whatsoever. Past results are no indication of future performance. No guarantee of any kind is implied or possible where projections of future conditions are attempted.

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