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On CNBC's "Options Action," Carter Worth spoke about Sherwin-Williams Co (NYSE:SHW).
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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He said it's one of the best-performing stocks in the market, regardless of its line of business and it has significantly outperformed both NASDAQ and the S&P 500 since 1985. Worth added that the homebuilding sector acts well and Sherwin-Williams is the best performing stock in the long term. It's not a homebuilder, but it's better because it doesn't have the cyclicality, explained Worth. He also showed a bullish wedge pattern on its chart and he concluded the stock is breaking out on the upside.
Mike Khouw suggested that traders should consider buying the September $620/$680 call spread in Sherwin-Williams for $20. The trade breaks even at $640 or 3.22% above the closing price on Friday. If the stock jumps to $680 or higher, the trade is going to reach its maximal profit of $40.