By Dan Darrow
September 01, 2022
Intraday Update: GFS, PANW, ENPH
A couple of more updates:
- It's hard to give up on GFS after how great it has been weathering the Semi storm, but losing recent support at 58 this morning is a negative development for the bullish pattern. The stock's early drop is threatening a more major correction now, so the smartest thing to do is close the Oct21 $65 - $75 call spread. We can do a quick revisit if it resets above 61-62 moving forward.
- Regarding the two trade ideas from last night's letter:
- PANW is now below 550 and below the 8day ema, so the quick bull setup is no longer valid. We will hold off initiating the Oct21 $580 - $590 call spread.
- ENPH is at the bottom of its recent flag and holding support for now, so while this is a very make-or-break level for the stock, the overall bull pattern is still intact. We can move forward with the Oct21 $310 - $320 call spread, and we will be using a tight stop at 369 now.
Trader Author Portfolio Holdings
**As of the date and time of publication