Last Friday, Citron Research made a statement calling AMBA shares too expensive and put a $60 12-month price target on the stock. We picked up AMBA puts on Friday.
Today AMBA fell fast right at the market open. It ended the day down 21%, a whopping $25-drop! Although we cashed our puts out early in the morning, we still scored a +104% profit:
Our members are "ecstatic"! To subscribe or to find out more about my Ecstatic Plays services, please CLICK HERE. Join us and see what we are trading next!
Jim Cramer thought that after today's drop, AMBA is not too cheap! AMBA closed at $94.36 today, from Friday's close of $119.35. I think this stock is going to be volatile this week. I wouldn't not rush in to buy this, unless you are in for a quick trade.
GPRO traded down more than 5%, in sympathy with AMBA.
I added a live chatroom to my Ecstatic Plays services last week. This is where the trading community and converse in real time and exchange ideas. There are two stocks that we discussed in our Chatroom today that I thought I should mention. One is SNDK:
SNDK was upgraded by Summit Research today to a "Buy". SNDK shares were up +2.44% today. SNDK has been trying to draw a bottom and a base to bounce from for a while now. I think this could rally up to $70s in a strong market environment.
The other stock is BA:
We have been trading BA and locked in some nice profits last week:
I was mainly trading BA off of the Airshow in Paris, from which BA secured many new contracts. BA today announced a $0.91/share dividend. BA has been basing for a while and has broken to the upside. As I mentioned in the Chatroom, I can see this in the $150s soon.