Stocks are set to open about 2% higher with the Nasdaq having hit ‘limit up’ overnight. Heading into the final trading day of week, many traders may be looking to make one quick trade, ideally for profit, and start their weekends early.
After my routine morning read of dynamic data sourced by TrackStar, I’ve come across one stock with opportunity to be traded both ways, specific to financial professionals as The Plumb Fund, which focuses on growth stocks, has stated their bullish on.
There are hundreds of investment funds around the world. That said, I find The Plumb Fund, managed by Tom Plumb unique as 80% of their $1.9 billion portfolio holdings are growth stocks, and it has doubled the performance of the S&P 500 for the past three years in a row.
One growth stock which Tom Plumb told Dow Jones Newswire in a recent interview that he is bullish on as a long term investment is Advanced Micro Devices (NYSE: $AMD). Tom Plumb sees Advanced Micro Devices as an accelerated growth stock which could outperform the overall performance of the $1.9 billion Plumb Fund portfolio, which has already doubled the performance of the S&P 500 for three years and counting.
Advanced Micro Devices catches my attention as it has opportunity both ways this morning. Indicated in yellow on the chart above is its 100 day simple moving average line resistance. Should markets pop and provide Advanced Micro Devices with a move higher, I will look to buy to open call options with the goal of selling to close them as close to 100 day simple moving average line resistance as possible in an effort to capture as much of a move to the upside as possible.
That said, Advanced Micro Devices also offers profit potential to the downside this morning if markets make a green to red move. Shown in white in the chart above is Advanced Micro Devices’ 200 day simple moving average line, which is currently a strong support level. Should markets make a green to red move and take Advanced Micro Devices with it, I’ll consider buying to open put options, stretching potential profit to that key support level, where I’ll plan on selling to close my position and collect all available profits.
Over the years I’ve traded Advanced Micro Devices multiple times. I’ve found it to be a fast moving stock, especially when trading options on it as options provide leverage. With opportunity both ways, Advanced Micro Devices brought to me by TrackStar’s elite financial data is my single best trade idea to end the week.
To your success,
America’s #1 Premarket and Day Trader
Disclaimer: This is not investment advice. This article is for information purposes only and opinion-based on financial advisor data across a selection of websites. Investors should be cautious about any and all investments and are advised to conduct their own due diligence prior to making any investment decisions.