Sometimes, you’re lucky enough to track the same exact move as a major brokerage house.
When this happens, and you’re quick enough to act, it could lead to immediate profits.
That’s exactly what happened this morning…
Last week, I started to introduce War Room members to the idea of getting positioned in Pinterest (NYSE: PINS) going into Christmas.
Specifically, on Friday at 10:17 a.m., I said…
Pinterest might be a nice play to own going into Christmas. Like that bounce off $24 support. This may be a play I add to my November call ledger. Tracking…
As a quick company description, Pinterest calls itself “a visual discovery engine” that helps users discover ideas for various projects and interests.
Whether it’s for remodeling a house, cooking a Thanksgiving meal, training for a marathon, choosing a new fall fashion, planning a wedding or discovering a tropical dream vacation, Pinterest offers you an array of visual recommendations called “pins.”
These pins are all based upon your own unique interests and personal tastes. And, of course, the pins are shoppable with up-to-date pricing.
Pinterest went public this past April – it traded as high as $36 per share in late summer but has since fallen back down to around the $25 to $26 support level.
Noting this support level on Friday, I wrote…
Pinterest just tapped support at $25.50 and quickly bounced. Tracking.
Shortly after that on Friday, I told War Room members to move into the Pinterest November calls.
That leads us into this morning…
Before today’s open, RBC Capital analyst Mark Mahaney upgraded Pinterest stock to outperform – increasing his target price from $30 to $35 – saying that he’s optimistic about the stock since the lockup on shares expired last week.
Mahaney said…
Our analysis of 60-plus tech IPOs since 2017 shows lockup periods have generally acted as a significant overhang leading up to the expiration (median 3-month prior return: -11%), with performance improving thereafter (median 3-month after return: +8%).
Here’s what I told War Room members after seeing this…
RBC Capital must be tracking the same support level we are – because it upgraded Pinterest this morning to outperform with a $35 price target. That could bode well for our Pinterest calls that we added last week. If we see a nice a.m. pop, let’s be ready to ring the register. More to come.
Action Plan: As you can see from the chart above, trading Pinterest is far from over. With a price target that was just moved up from $30 to $35, this stock has plenty of room left to go. If we see another quick opportunity to move into another play, I’ll immediately tell War Room members. To receive information for this next trade, I invite you to join me in The War Room today!
[adzerk-get-ad zone="245143" size="4"]About Bryan Bottarelli
Whether it was selling the Star Wars figures he collected as a little boy for 50 times their value or using the $125 he made cutting grass to buy a Michael Jordan rookie card that he later sold for $1,500, it was always clear that Bryan Bottarelli was a born trader – possessing the unique ability to identify opportunities and leverage his investments.
Graduating with a business degree from the highly rated Indiana University Kelley School of Business, Bryan got his first job out of college trading stock options on the floor of the Chicago Board Options Exchange (CBOE). There, he was mentored by one of the country’s top floor traders during the heart of the technology boom from 1999 to 2000 – trading in the crowded and lively Apple computer pit. Executing his trades in real time, Bryan learned to identify and implement some of his most powerful trading secrets… secrets that rarely find their way outside the CBOE to be used by individual traders.
Recognizing the true value of these methods, Bryan tapped into his entrepreneurial spirit and took a risk. He walked off the CBOE floor and launched his own independent trading research service called Bottarelli Research. From February 2006 to December 2018, Bryan gave his precise trading instructions to a small, elite group – most of whom have been followers ever since.
As a “play tactician,” Bryan uses his hands-on knowledge of floor trading to shape opportunities and chart formations into elegant, powerful and profitable recommendations. And by using the same hedging techniques taught by professional floor traders, Bryan is able to deliver his readers remarkable gain opportunities while strictly limiting their total risk.
Along the way, Bryan has developed a cumulative track record that could impress even the most successful hedge fund manager.
He now spends his days moderating one of the most elite trading research forums ever created: The War Room.
