Exit Your Nordstrom Call After Last Night’s Report
JWN Earnings Breakdown
I’ve been talking about Nordstrom Inc. (NYSE:JWN) earnings all week, and they’re here…
And really, they’re pretty good. Numbers beat expectations. Sales more than doubled from the year prior. And just like Macy’s Inc. (NYSE:M), Nordstrom raised its forecast for the full year.
But that sales number was still less than pre-pandemic levels. And the stock isn’t cruising higher like M was – it’s dropping.
So, we’re going to get out of our January call now, before the stock drops further.
Here’s what to do:
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LIVE Today at 12:30 PM ET
Today at 12:30, I’m going live for my own Money Morning LIVE show. We’re talking volatility, big money flow, meme stocks, and I’m going to drop a ton of new trade ideas.
This show is completely free for you to join, and it’s the best way for you to watch over my shoulder as I discover the best and cheapest option plays of the day.
The room is open now– tune in so you don’t miss me live trading at 12:30!
VIX Traffic Light
The traffic light is red again today, and really, not much has changed.
I still see the VIX hitting 15 by the end of the week. But there’s only one thing standing in the way of the VIX dropping…
And that’s Fed Chairman Powell’s speech at Jackson Hole on Friday for the Fed’s annual economic symposium.
The Fed tends to cause a volatility stir in the market, but if this happens, it should only be short-term. I’m still bearish on volatility – and bullish on the broader market.
- Apple Inc. (Nasdaq:AAPL)
Option volume has been exploding in AAPL for weeks. And that hasn’t changed – we’re still seeing a ton of cash pour into call options on the blue-chip. At $150 per share, this thing could blow even higher from here.
- Support.com Inc. (Nasdaq:SPRT)
There’s a new meme stock on the block, and it’s technical support company SPRT. “Technical support” may sound boring, but there’s nothing boring about this stock. It’s up more than 70% over the past five days. But it’s not the only meme stock on a run today – some old names have been resurfacing…
- AMC Entertainment Holdings Inc. (NYSE:AMC)
AMC is one of the meme stock kings, and it had another crazy day yesterday, popping 19% from open to close. It shot higher again this morning, and I’m watching this old Reddit-favorite with a close eye today.
- GameStop Corp. (NYSE:GME)
GME, the original meme stock, was up a whopping 30% yesterday. But it’s down on the open today – just a testament to how quickly meme stocks can switch direction. These names are risky, but they can make you a ton of money if you play them right.
Want trade ideas on these meme names and more? Tune in right here for my live 12:30 trading session…
August 25 2021
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