27% profit every 20 days?
This is what Nic Chahine averages with his option buys. Not selling covered calls or spreads… BUYING options. Most traders don’t even have a winning percentage of 27% buying options. He has an 83% win rate. Here’s how he does it.
Toward the end of trading Wednesday, the Dow traded down 3.02% to 26,632.47 while the NASDAQ fell 3.08% to 11,078.05. The S&P also fell, dropping 2.99% to 3,289.29.
The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 8,779,990 cases with around 226,730 deaths. India confirmed a total of at least 7,990,320 confirmed cases and 120,010 deaths, while Brazil reported over 5,439,640 COVID-19 cases with 157,940 deaths. In total, there were at least 44,067,580 cases of COVID-19 worldwide with over 1,168,690 deaths, according to data compiled by Johns Hopkins University.
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Leading and Lagging Sectors
Financial shares slipped by just 2.3% on Wednesday. Meanwhile, top gainers in the sector included Equitable Holdings, Inc. (NYSE:EQH), up 7%, and BGC Partners, Inc. (NASDAQ:BGCP), up 6%.
In trading on Wednesday, communication services shares tumbled 3.5%.
Top Headline
General Electric Company (NYSE:GE) reported better-than-expected results for its third quarter.
General Electric reported quarterly earnings of $0.06 per share, beating analysts’ estimates for a loss of $0.04 per share. The company posted sales of $19.40 billion, surpassing expectations of $18.72 billion.
Equities Trading UP
Applied UV, Inc. (NASDAQ:AUVI) shares shot up 21% to $7.70 as the company reported an exclusive license and joint development agreement with Axis Lighting, Inc to commercialize LED-based technologies in UV-C devices to inactivate pathogens on surfaces in hospital market.
Shares of Community Health Systems, Inc. (NYSE:CYH) got a boost, shooting 30% to $5.70 after the company reported strong Q3 results.
Tupperware Brands Corporation (NYSE:TUP) shares were also up, gaining 33% to $28.44 after the company reported upbeat Q3 results.
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Equities Trading DOWN
Akerna Corp. (NASDAQ:KERN) shares tumbled 20% to $2.3550 as the company priced its 5 million share common stock offering at $2.40 per share.
Shares of Callaway Golf Company (NYSE:ELY) were down 21% to $15.31 after the company reported a deal to buy Topgolf in an all-stock deal, valued at $2 billion.
Neovasc Inc. (NASDAQ:NVCN) was down, falling 43% to $1.04 after the company said FDA's Circulatory System Devices Advisory Panel voted 14 to 4 in favor that the Neovasc Reducer is safe when used as intended, and voted 1 to 17 against on the issue of a reasonable assurance of effectiveness. The third vote was 13 to 3 against on whether the relative benefits outweighed the relative risks.
Commodities
In commodity news, oil traded down 5.6% to $37.34, while gold traded down 1.7% to $1,878.80.
Silver traded down 4.8% Wednesday to $23.40 while copper fell 0.9% to $3.0655.
Euro zone
European shares closed lower today. The eurozone’s STOXX 600 fell 2.95%, the Spanish Ibex Index fell 2.66%, while Italy’s FTSE MIB Index declined 4.06%. Meanwhile, the German DAX 30 declined 4.17%, French CAC 40 fell 3.37% and London’s FTSE 100 fell 2.55%.
Spain's retail sales dropped 3.3% year-over-year in September, while French consumer confidence declined to 94 in October from 95 in September.
Economics
The goods gap in the US shrank to $79.37 billion in September versus $83.1 billion in August.
Wholesale inventories dropped 0.1% in September.
U.S. crude inventories increased 4.3 million barrels for the week ended October 23, the EIA reported. However, analysts expected a gain of 200,000 barrels.
27% profit every 20 days?
This is what Nic Chahine averages with his option buys. Not selling covered calls or spreads… BUYING options. Most traders don’t even have a winning percentage of 27% buying options. He has an 83% win rate. Here’s how he does it.