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Alan Knuckman of Bulls Eye Option spoke on Bloomberg Markets about a trading idea in iShares Russell 2000 Index (ETF) (NYSE:IWM).
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 the stock is lagging behind the S&P 500 and it has been trading sideways since November. It had a false break out a couple of weeks ago and after a move higher to $141.82, it dropped to $138. Knuckman thinks that the $138 price level is an important support and he believes iShares Russell 2000 Index (ETF) is going to bounce off the support and trade higher.
To make a bullish bet, he wants to buy the July 130 call option for $9.15. The trade breaks even at $139.15 or 0.53 percent above the current stock price.